Indore (Madhya Pradesh): The tax consultants associated with MP Tax Law Bar Association (MPLTBA) and Commercial Tax Practitioners (CTPA) made the demand of release of Fix Deposit Receipt (FDR) deposited under the VAT Act.
A delegation of members of both associations met VAT Commissioner Lokesh Kumar Jatav at his office on Tuesday and discussed various issues and thanked him. Further, the representatives of both organisations submitted a memorandum to the commissioner for the immediate release of ‘Bank-FDRs’ deposited as security at the time of obtaining registration in the prevailing VAT and GST legislation, and requested that since these Acts have expired, so now there is no justification to keep FDR with the department, through such FDR registered taxpayers at the state level will be able to get back the deposited amount in the form of a large amount.
Amit Dave, A.K.Lakhotia, Kedar Heda and A.K.Gaur respectively in the delegation, on behalf of the department and the business class, requested the Commissioner to issue necessary directions to the concerned circle offices for releasing the FDR. FDR should be released easily after giving instructions. Commissioner assured to take appropriate action on both points at the departmental level.