December 2, 2018
Bangla Govt gives tax relief to small businesses
To provide relief to tax-payers through settlement of disputes, the West Bengal Taxation Laws (Amendment) Bill, 2018 was in the Assembly on Wednesday, November 28.
Around 20,000 to 25,000 businessmen will be benefitted, as the pending tax related disputes will get settled and at the same time, revenue will be generated for the State Government.
Under the new Act, all tax-related disputes pending before any authority till October 31, with respect to any period ending on or before June 30, 2017, will be taken up. The Act will also provide relief to tax-payers through settlement of disputes, if an application is made on or before January 31, 2019, on payment of 100 per cent admitted tax.
Settlement of tax issues would also be possible on payment of 35 per cent of the arrear tax in dispute, or 40 percent of the arrear tax in dispute, if paid in instalments, or by paying 50 per cent of the amount of penalty payable, in case of penalty for evasion of tax.
Source: Millennium Post