{"id":412,"date":"2014-01-28T00:00:00","date_gmt":"2014-01-27T18:30:00","guid":{"rendered":""},"modified":"2016-07-28T17:02:04","modified_gmt":"2016-07-28T11:32:04","slug":"special-amnesty-scheme-of-mvat","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/mvat-cst\/special-amnesty-scheme-of-mvat\/","title":{"rendered":"Special Amnesty Scheme of MVAT"},"content":{"rendered":"

MVAT declared the Special Amnesty Scheme by issuing the circular No. 3T dated 24\/01\/2014. This scheme is the part of the amnesty scheme of unviable and close units as mentioned in Industrial policy of Maharashtra 2013.<\/p>\n

The features of the scheme are given below:-<\/p>\n

To whom the scheme applicable:<\/strong><\/p>\n

The scheme is applicable for the units who satisfy following conditions:-<\/p>\n

1)\u00a0\u00a0\u00a0\u00a0\u00a0 Unit is unviable as per certificate given by financial institution and unit is sick unit as per certificate given by Chartered Accountant. \u00a0Here \u201csick unit\u201d means a sick unit as defined by Reserve Bank of India.<\/p>\n

2)\u00a0\u00a0\u00a0\u00a0\u00a0 When there is no financial institute related to unit then CA certificate as a \u201cSick Unit\u201d as defined by RBI is obtained and if unit is closed more than one year then it will assume that unit is unviable and Special Amnesty Scheme is applicable.<\/p>\n

3)\u00a0\u00a0\u00a0\u00a0\u00a0 Any one out of following evidence of closer of business is considered<\/p>\n

a.\u00a0\u00a0\u00a0\u00a0\u00a0 Evidence of disconnection of electricity and electricity bills during the closure period<\/p>\n

b.\u00a0\u00a0\u00a0\u00a0\u00a0 Evidence of disconnection of water and water bills during the closure period<\/p>\n

c.\u00a0\u00a0\u00a0\u00a0\u00a0 Balance sheet of the financial year in which production of unit remain closed.<\/p>\n

Similarly affidavit regarding the date of closer of the business is also required.<\/p>\n

4)\u00a0\u00a0\u00a0\u00a0\u00a0 There is change management after taking the benefit of Special Amnesty Scheme. And \u00a0if new management<\/p>\n

a)\u00a0\u00a0\u00a0\u00a0 Is a company \u2013 then there should be change in the controlling interest<\/p>\n

b)\u00a0\u00a0\u00a0\u00a0 Is partnership firm- then old partners should not have controlling interest.<\/p>\n

5)\u00a0\u00a0\u00a0\u00a0\u00a0 The new management should start the production on the same place. However change is product is allowed.<\/p>\n

6)\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0Within 3 years from the date of application of special amnesty scheme the new unit should invest minimum equal amount of fixed assets (original value of land and deprecation amount of the building and machinery) of the old unit.<\/p>\n

7)\u00a0\u00a0\u00a0\u00a0\u00a0 New units should start production within a period of three years from the date of the sanction of the special amnesty scheme. In case of failure 12% p.a. interest will be recoverable on the benefit amount of the Special amnesty scheme.<\/p>\n

\u00a0Period of the benefit:<\/strong><\/p>\n

The benefit of the under this scheme can claim up to 31\/03\/2014.<\/p>\n

Benefit:<\/strong><\/p>\n

If principal amount of tax is paid in one time, interest and penalty amount will be waived. Benefit is available only in case of one time full payment of principal amount of tax.<\/p>\n

Application:<\/strong><\/p>\n

Eligible unit can apply assistance commissioner of VAT Admin of sales tax of his jurisdiction.<\/p>\n

Following documents are required along with the application<\/p>\n

a.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Eligibility certificate of Special Amnesty Scheme form implementation agency<\/p>\n

b.\u00a0\u00a0\u00a0\u00a0\u00a0 Challan of payment of principally amount of tax paid<\/p>\n

c.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Proof of withdrawal apple, if any<\/p>\n

d.\u00a0\u00a0\u00a0\u00a0\u00a0 Affidavit of the vat liability by the transferor<\/p>\n

e.\u00a0\u00a0\u00a0\u00a0\u00a0 Affidavit of transferee regarding the accepting the feature liability (tax+ Interest)<\/p>\n

Last date of payment:<\/strong><\/p>\n

Amount paid before the declaration of the Amnesty scheme and after the 31\/03\/2014 is not considered. It means principal amount of tax should be paid before 31\/03\/2014 and after 24\/01\/2014.<\/p>\n

Readers are requested to go through the official circular of MVAT and GR of Maharashtra Government attached here for more clarification.<\/p>\n

MVAT Circular<\/a><\/p>\n

M-GR<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

MVAT declared the Special Amnesty Scheme by issuing the circular No. 3T dated 24\/01\/2014. This scheme is the part of the amnesty scheme of unviable and close units as mentioned in Industrial policy of Maharashtra 2013. The features of the scheme are given below:- To whom the scheme applicable: The scheme is applicable for the … Read more<\/a><\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7],"tags":[172,37],"yoast_head":"\nSpecial Amnesty Scheme of MVAT - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/mvat-cst\/special-amnesty-scheme-of-mvat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Special Amnesty Scheme of MVAT - All About Finance\" \/>\n<meta property=\"og:description\" content=\"MVAT declared the Special Amnesty Scheme by issuing the circular No. 3T dated 24\/01\/2014. 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