Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in the relevant Act, no arrears of tax, surcharge, interest or penalty payable under the scheme shall be,-- (a) paid through the input tax credit available under any law; (b) adjusted against any excess amount; or (c) refunded under any circumstances. Illustration: A dealer has an arrear X of tax amounting to Rs. 2 lakhs for a year, and an arrear Y of tax amounting to Rs. 1 Lakh for another year. He has already paid Rs. 1.5 Lakhs towards arrear X, but has not paid any amount towards arrear Y. The amount payable to settle the arrear X under the scheme is Rs. 60,000. If the dealer applies for settlement under the scheme, the arrear X shall stand settled, but the amount in excess of Rs. 60,000 which is already paid by the dealer, i.e., Rs. 90,000 will not be eligible for consideration towards settling arrear Y.