Cash-strapped State Has ₹1.9l Cr Unrealised Taxes | Mumbai News – Times of India

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MUMBAI: The Maharashtra government has raised public spending to stimulate the economy post the ebbing of the third wave and faces an almost Rs 6.5 lakh crore debt. However, there is one source of revenue which could shave off a chunk of debt: Unrealised tax revenue which totals as much as Rs 1.9 lakh crore.

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The amount of unrealised tax pending for 2020-21 is Rs 1.9 lakh crore, according to the latest budget documents. This is almost double the amount pending just three years earlier. In 2018-19, unrealised tax revenue totalled Rs 1 lakh crore.
Of the Rs 1.9 lakh crore tax revenue which is pending, as much as Rs 1.4 lakh crore is under dispute. And of the disputed amount, roughly half or Rs 75,500 crore has been pending for less than two years.
The largest chunk of unrealised taxes worth Rs 89,300 crores is sales tax and VAT on motor spirits and lubricants. Unrealised central sales tax is worth Rs 26,370 crore. Unrealised taxes on minor minerals are worth Rs 64,936 crore.
The state government has introduced amnesty schemes in the budget for GST dues and stamp duty and registration fees in order to mop up unrealised taxes. ‘We are hoping that dealers with pending GST dues and builders with unpaid stamp duty take advantage of the amnesty schemes,” said a senior finance department official.
The Maharashtra Settlement of Arrears of Tax, Interest, Penalty and Late Fee Scheme 2022 is applicable on dues prior to the introduction of the GST Act in 2017. Under the scheme, tax arrears up to Rs 10,000 will be waived off to benefit small dealers in almost 1 lakh cases. In the case of those with arrears between Rs 10,000 and Rs 10 lakh, a lumpsum payment of 20% of the arrears will result in a waiver of the remaining 80%. Over 2 lakh medium scale dealers are expected to benefit from this scheme.

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