Intrest Loan Benefit not Get Bussinesman – Merchants cannot take advantage of the interest exemption

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Jhansi. To make it easier for dealers, the trade tax authority has introduced the interest exemption. If the trader has lodged a complaint, it is intended to withdraw it. Even after that, the merchants do not receive any information about the actual deposit amount. In such a situation, traders cannot take enough profit.
With the interest waiver scheme, there is the option of waiving interest for different debtors in different ways. If the merchant is outstanding up to ten lakh rupees, there is a 100% interest waiver and a penalty in the interest waiver scheme. There is a 90 percent interest and 100 percent penalty waiver provision for merchants with an outstanding balance of more than ten lakh rupees or up to one billion rupees. Similarly, there is an interest waiver along with a 100 percent penalty waiver for merchants on arrears of more than one million rupees.
Vijayanand Pandey, Joint Commissioner of Commercial Tax Department, said application for the program is made online through the department’s portal. If the dealer still has a problem, they can solve the problem by contacting the help desk set up in the office. The regulation applies until September 2nd.
On the other hand, attorney Vijay Khanna said that if the businessman appealed against the department’s recovery lawsuit, it was necessary to withdraw it. However, most merchants do not know the actual amount outstanding as adjustment cases are not sold. The recovery number is not known as the department has not issued recovery actions to most dealers. In order to avail of the interest exemption, the above work will not be completed by the department. For this reason, traders cannot take advantage of the interest exemption. In this context, the Joint Commissioner says that the problem of traders has been addressed.

Jhansi. To make it easier for dealers, the trade tax authority has introduced the interest exemption. If the trader has lodged a complaint, it is intended to withdraw it. Even after that, the merchants do not receive any information about the actual deposit amount. In such a situation, traders cannot take enough profit.

With the interest waiver scheme, there is the option of waiving interest for different debtors in different ways. If the merchant is outstanding up to ten lakh rupees, there is a 100% interest waiver and a penalty in the interest waiver scheme. There is a 90 percent interest and 100 percent penalty waiver provision for merchants with an outstanding balance of more than ten lakh rupees or up to one billion rupees. Similarly, there is an interest waiver along with a 100 percent penalty waiver for merchants on arrears of more than one million rupees.

Vijayanand Pandey, Joint Commissioner of Commercial Tax Department, said application for the program is made online through the department’s portal. If the dealer still has a problem, they can solve the problem by contacting the help desk set up in the office. The regulation applies until September 2nd.

On the other hand, attorney Vijay Khanna said that if the businessman appealed the recovery action issued by the department, it is necessary to withdraw it. However, due to unresolved adjustment cases from most merchants, the actual outstanding amount is not known. The recovery number is not known as the department has not issued recovery actions to most dealers. The above work is not being completed by the department in order to take advantage of the interest exemption. For this reason, traders cannot take advantage of the interest exemption. In this context, the Joint Commissioner says that the problem of traders has been addressed.

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( News Source – Amar Ujala )

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