The Federation of Telangana Chambers of Commerce and Industry (FTCCI) has thanked Telangana government for introducing One Time Settlement Scheme (OTS) 2022 under the legacy Acts such as Andhra Pradesh General Sales Tax Act, VAT Act, Central Sales Tax Act and Telangana Entry of the Goods into local areas Act.
“We are glad the long pending demand to address tax dispute that FTCCI has been raising on behalf of Telangana industry has been addressed by the State government,” president K. Bhasker Reddy said on Tuesday.
FTCCI has been representing the problems faced by the industry to the departments concerned, particularly tax disputes, for the last two years. The industry has been waiting for an early resolution, he said.
The scheme, which provides waiver of tax dues ranging from 40-60% in respect of erstwhile VAT and other related laws and also provided four equal instalments without interest if the payment of tax dues involved exceeds ₹25 lakh, is definitely a positive step taken by the government.
Besides providing a closure to legacy litigation and recovery of tax dues, it would also help make use of the manpower engaged in legacy issues and focus more on GST related issues. The FTCCI assured it will create awareness of the scheme among its members.
