RAIPUR: Commercial Tax (GST) Department, Government of Chhattisgarh on Monday issued an order under One Time Settlement Act to recover the old outstanding amount of Provincial, Central Entry Tax, Professional Tax and Luxury Tax under VAT, and Commercial Act.

It would benefit around 70,000 old defaulting businessmen in the state. The notification has been issued.

Under the one-time settlement, the outstanding tax, interest and penalty will be recovered. The businessmen will have to apply in the prescribed format in the commercial tax circle offices. Under the Settlement Act, applications can be submitted till January 31, 2024.

The One Time Settlement Act is that it has been extended to the cases on which tax assessment, revision, first or second appeal, appeal before the government, cases pending in the High Court or the Supreme Court till January 31, 2024.

Businessmen participating in the Saral Samadhan Yojana brought in the year 2010 for recovery of dues can also participate in it.

In cases where the outstanding amount in a year is more than Rs 50 lakh, 40 percent of the tax amount will be waived off. The interest amount will be waived 90 percent and the penalty amount will be waived 100 percent. In cases of outstanding amounts less than Rs 50 lakh, 60 percent of the outstanding amount, 90 percent of the interest amount and 100 percent of the penalty amount will be waived.

The rules and application format have been uploaded by the Commercial Tax Department on the website https://comtax.cg.nic.in. Online applications can also be made under the Lump Sum Settlement Scheme. Those applying online will have to submit the hard copy to the officer in-charge of the concerned circle office. Businessmen who want to join the Settlement Act can apply for it for free.