Sri Vijaya Puram, Jan 15: The UT Tax Department has issued Notice of Default Assessment of Tax, Interest and Penalty to the Dealers registered under the Andaman and Nicobar Islands Value Added Tax Regulation, 2017, on account of violation of provisions of the Regulation, Rules and other directives issued thereunder.
The assessment of Value Added Tax for the period 2017-2018 to 2020-2021 were initiated and so far, assessment of 138 such Dealers have been completed.
During the course of assessment, several violations including default in payment of tax, default in submission of quarterly returns and tax deficiencies were observed leading to imposition of penalty under relevant provisions of the Regulation.
Upon completion of these assessments, the tax deficiency assessed including interest amounted to Rs. 1, 47,50,535/-.
On account of the tax deficiencies and violation of other provisions of the Regulation and Rules, penalty under relevant sections amounting to Rs. 4,89,93,780/- has been imposed on the said Dealers.
The UT Tax Department is committed towards safeguarding the Govt. Exchequer. No violation of the Regulation, Rules and directives shall be tolerated and stringent action under relevant provisions shall be initiated.
Therefore, the registered dealers are once again advised to adhere to the provisions of the Andaman and Nicobar Islands Value Added Tax Regulation 2017 and Rules 2020 and other directives issued thereunder, to avoid being penalized.
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