Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in this Act, or in any judgment, decree or order of any court, tribunal or appellate authority, an assessee who is in arrears of turnover tax payable under sub-clause (b) of clause (i) of sub-section (2) of section 5 of the Act pertaining to the tax period from 1st June, 2022 to 30th November, 2022 may opt to settle the arrears pending as on 1st day of April, 2025 on payment of the turnover tax payable and on such payment, the interest and penalty shall stand waived off: Provided that in case where the evidence, details and records pertaining to the penalty levied for the said period is not utilized or not liable to be utilized for any best judgment assessment under this Act, the demand relating to such penalty shall be settled under this scheme on payment of applicable turnover tax relating to the penalty as determined by the assessing authority: Provided further that on settlement of arrears pertaining to the aforementioned period, if no other turnover tax or sales tax remains to be settled, then all the penalties pertaining to the period other than the penalty mentioned in the first proviso shall be deemed to be settled under the scheme. (2) Any assessee who intends to opt for settlement of arrears under the scheme shall make payment of the amount due as on the 1st day of April, 2025 electronically through e-treasury portal and proof of such payment shall be produced before the assessing authority on or before 30th June, 2025. (3) The assessing authority on receipt of the proof of payment shall verify the correctness of the payment and short-payment, if any, shall be intimated to the assessee within one month of receipt of the proof of payment. (4) The short-payment, if any, intimated as per sub-section (3) shall be remitted by the assessee within 15 days of receipt of the intimation: Provided that no opportunity for payment of the short paid amount shall be granted more than once. (5) The assessing authority on receipt of the proof of payment as per sub-sections (3) and (4) shall verify the correctness of the payment and if the payment is complete as per the provisions of this scheme, an order of settlement in writing shall be issued within one month of receipt of such payment. (6) The assessee who opts to settle his arrears under the scheme shall withdraw all the cases pending before any appellate or revisional authority, tribunal under the Act or courts and a copy of leave to withdraw granted by the appellate, revisional authorities or courts, as the case may be, shall also be, produced along with the proof of payment before the assessing authority: Provided that the cases wherein the appeal filed by the Government is pending before any appellate or revisional authority, tribunal under the Act or any courts may also be settled under the scheme by making payment of the demand in the original assessment order. The assessing authority shall, on receipt of such payment as per sub-section (2), seek for an adjournment of the cases to the appellate or revisional authority, tribunal under the Act or any courts, as the case may be, until intimation regarding disposal of such cases and on settlement of such cases, as per the demand in the original order, Government shall withdraw such appeals forthwith. (7) Notwithstanding anything contained in section 55C, if an assessee who opts to settle his arrears under sub-section (1) has remitted or deposited any amount towards the arrears under this Act after the service of demand notice, such amounts shall be given credit as tax and the assessee shall furnish the proof of payments made in this regard. (8) Notwithstanding anything contained in the Kerala Revenue Recovery Act, 1968 (15 of 1968), reduction of arrears under sub-section (1) shall be applicable to those case in which revenue recovery proceedings have been initiated and the assessing authorities shall have the power to collect such amounts on settlement under sub-section (1) and where the amount is settled under sub-section (1) the revenue recovery proceedings against such assessees shall be deemed to have withdrawn on the 1st day of April, 2025 which shall then be binding on the revenue authorities, and such assessees shall not be liable for payment of any collection charge leviable by such revenue authorities. (9) Notwithstanding anything contained in this Act, or in any judgment, decree or order of any court, tribunal or appellate authority, there shall not be any refund or any adjustment subsequently for the amount settled under this scheme, under any circumstances. Inserted by Act 3 of 2025 published in k. G. Ext. No. 1269 dt. 29/03/2025 (w.e.f. 01/04/2025).