₹28,000 crore is due to the governmentFactors such as waiver of some portion of tax, interest and penalty will determine the success of the proposed scheme by the State government to enable taxpayers settle their dues under the previous Value Added Tax regime, according to experts. The details of the scheme are yet to be announced and its success will depend on the quantum of relief. Central schemeEarlier, the Centre had introduced Vivad Se Vishwas scheme covering Central Excise and Service Tax. ‘’The State can look at the Centre’s scheme which was a success and try to emulate the same. Substantial waiver of the tax component and total waiver of penalty would be some of key aspects for the scheme to be effective,” Vaitheeswaran, a Chennai-based advocate and tax consultant, said.

Source: The Hindu August 15, 2021 19:52 UTC