Goa Government Announces Waiver Scheme to Ease Traders’ Burden

Introduction:

In a notable move aimed at easing the financial strain on traders, Chief Minister Pramod Sawant of Goa announced a significant initiative today. The state government has decided to waive off pre-GST arrears amounting to a substantial sum of Rs 49.5 crore for approximately 16,400 traders as part of the one-time settlement (OTS) scheme.

The Objective of the Scheme:

The OTS scheme, launched in October 2023, aims to simplify the transition to the Goods and Services Tax (GST) regime amidst evolving tax regulations and regulatory changes. By providing traders with an opportunity to settle their outstanding dues and receive substantial waivers, the scheme is designed to create a more supportive business environment in Goa.

Scheme Details and Benefits:

Under the OTS scheme, traders are granted a window until March 7, 2024, to avail themselves of the benefits and clear their pending dues. This initiative encompasses dues related to assessments up to June 30, 2017, under various tax acts, including the Central Sales Tax Act and the Goa Sales Tax Act, among others. For undisputed cases, traders stand to benefit from a 20% rebate in tax dues along with a complete waiver of interest, penalty, and other dues. In cases where disputes exist, traders are entitled to a 50% rebate in tax dues alongside a full waiver of interest, penalty, and other dues.

Encouragement to Traders:

Chief Minister Pramod Sawant stressed the importance of traders taking advantage of this opportunity before the deadline. He reiterated the government’s commitment to supporting businesses in adhering to tax regulations while alleviating financial burdens. This measure is anticipated to foster a conducive business environment in Goa, facilitating growth and compliance with tax laws.

Conclusion:

The waiver of pre-GST arrears under the OTS scheme signifies a significant step towards providing relief to traders in Goa. By offering substantial waivers and simplifying the transition to the GST regime, the scheme underscores the government’s dedication to supporting businesses and encouraging compliance with tax regulations.