Indore: As many as 1.25 lakh cases of financial year 2015-16 were still pending for tax assessment, even as last date of tax assessment was just eight days away. With the December 30 deadline approaching closer, traders and tax consultants were thrown into serious tizyy, and on Friday, demanded extension of the last date of tax assessment to April 30, 2018.

Though, the new indirect tax regime Goods and Service Tax (GST) was launched in July last, it had till date subsume as many as six major indirect central and state taxes, while around six more items were still out of the GST ambit. Tax consultants informed that there were more than 1.25 lakh cases falling under VAT Act, which were yet to file tax assessment.

“Though the last date of filing tax assessment is December 30, but owing to work load of GST and cases of Deemed assessment, it would be quite impossible for both traders and tax consultants to complete the job of tax assessment within just next eight days,” they said. Tax consultants further explained that compliance of GST provisions and filing of tax assessment of cases filed under Deemed Assessment Scheme have presented new challenges before both the stakeholders.

“Compliance of complex provisions of GST has thrown us both in state of restlessness. Thus, we are now unable to focus on tax assessment of cases of VAT Act of FY 2015-16. On the other hand, the last date of tax assessment of cases filed under Deemed Tax Assesment Scheme, which was brought for cases of FY 2015-16 only, is December 27. The scheme is already being extended by 180 days through some notifications. The last date of filing of application for Deemed Assessment is thus just six days away,” said a visibly worried tax consultant of the city.

The worried traders and tax consultants have demanded the commissioner of commercial tax to extended last date of tax assessment of case of VAT Act of FY 2015-16 to April 30.

(For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal

www.freepressjournal.in