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Tax arrears waiver for 95,000 small traders: Chief Minister M.K.Stal's announcement under Article 110

  • The second day of the monsoon session of the Tamil Nadu Legislative Assembly began today (October 10) morning. Under Article 110, Tamil Nadu Chief Minister M. K. Stalin announced a new peace plan for business tax arrears for traders and companies.
  • Although many reconciliation schemes have been implemented over the past years regarding these dues, this scheme has now been designed with a fresh approach and additional concessions. Under this scheme, during the assessment year, Rs. The dues will be fully waived off for merchants who owe less than ₹50,000 in tax, interest and penalty.
  • In each assessment year, balances of less than Rs.50,000 are fully exempted from payment of tax. This is the first time in the history of Tamil Nadu that the small businessmen have been fully exempted from tax arrears. 
  • With this decision of the government, 95 thousand 602 small traders involved in 1 lakh 40 thousand 398 cases will be benefited by complete waiver of their dues.
  • Thus, except for the businessmen whose dues have been waived, all other businessmen and companies have tax arrears between Rs.50,000 to Rs.10 lakh, tax arrears between Rs.10 lakh and Rs.1 crore, and tax arrears between Rs.1 crore and Rs.10 crore. Those with tax arrears up to Rs.10 crore will be brought under four thresholds.
  • Those in the first of the above four limits can come out of the arrear cases by tying up 20 percent of the total arrears. Or a certain percentage of outstanding business tax, interest and penalties may be levied to come out of pending cases.
  • The scheme is designed to enable traders in the other three categories to come out of pending cases by paying a certain percentage of outstanding business tax interest and penalties. 
  • There are separate procedures for those who have accepted the tax exemption and those who have appealed against the tax assessment. Another important benefit of this scheme is that the accrued interest charged to the merchant's account will be fully waived till the day the merchant comes forward to pay the due amount.
  • This scheme, which will be implemented to fulfill the long-term expectation of Tamil Nadu businessmen, will come into effect from 16.10.2023. A period of four months will be in effect. 
  • That is, till February 15, 2024, this peace plan will be in effect. Businessmen should take full advantage of this pioneering initiative of the government.
Jawaharlal Nehru University confers honorary doctorate on Tanzania's first female president, Dr. Samia Suluhu Hasan
  • Dr. Samia Suluhu Hasan, Tanzania's first woman president, has been awarded an honorary doctorate by Jawaharlal Nehru University for her role in fostering India-Tanzania friendship, promoting economic dialogue and achieving success in regional integration and diversity.
  • Union Minister of Education, Skill Development and Entrepreneurship Mr. Dharmendra Pradhan; External Affairs Minister Dr. S. Jaishankar; Minister of State for Education Mrs. Annapoorna Devi attended the event.

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