- The scheme is designed to settle the pending tax dues of about 25,000 crore, a majority of which are under the erstwhile Tamil Nadu Value Added Tax and other legacy tax legislations.
- The scheme has classified the tax dues under five broad categories - 50,000 and below, above 50,000 to 10 lakh, above 10 lakh to 1 crore, above 1 crore to 10 crore and above 10.
- For tax arrears for an assessment year below ₹50,000, the scheme offers a complete waiver of tax arrears, interest, and penalty.
- For the tax dues that fall in the category of 50,000-10 lakh, traders can just pay 20 per cent of the dues or by paying a portion of the tax, interest, and fine to settle the disputes once and for all.
- The new Samadhan scheme will commence on October 16, 2023, and will be in force till February 14, 2024.
Question:
Q.1 Who announced the Samadhan scheme?a. Prime Minister of India
b. Chief Minister of Tamil Nadu
c. President of India
d. Finance Minister of India
