SAMADHAN SCHEME

The press release on the ‘Samadhan' scheme said that as of July 31, there were 39,812 documents pending under Section 47A of the Indian Stamps Act, 1899. Stamp duty has to be paid on the market value of the property that is being transacted. But when the property is under-valued or when the stamp duty is not paid, the Act provides for the issue to the District Revenue Officer (Stamps) or Special Deputy Collector (Stamps).

To clear the pending issues and enable the public get the documents and clear the locked-up government revenue in these cases, the ‘Samadhan' scheme by the Registration Department provides for the buyers to two-thirds of the difference of stamp duty paid and the duty that has to be actually paid under the guideline value.

Documents pending as of July 31, 2011 for determination of market value under Section 47A of the Act will be covered under the scheme.

OTS ON SALES TAX

The press release on the OTS scheme said that under the Tamil Nadu Sales Tax (settlement of arrears) Act, 2011, will enable traders to settle arrears of tax, penalty or interest under the Tamil Nadu General Sales Tax Act and the Central Sales Tax Act relating to assessment years up to 2006-07 for which demands have been raised before August 1, 2011. Details of the scheme are available on www.tnvat.gov.in.

Under the scheme the applicant has to pay admitted tax in full with 7.5 per cent interest and 40 per cent of the disputed tax arrears with 7.5 per cent interest. The balance tax, interest and penalty will be waived.

If penalty and interest alone are in arrears, the settlement provides for payment of 10 per cent of penalty and 25 per cent of the interest. The balance will be waived.

Source : Hindu Business Line, India, dated 01/11/2011