Hyderabad, May 12 (KNN) The Telangana government has issued an order for ‘one-time settlement scheme’ (OTS) which is expected to allow more time for Goods and Services Tax (GST) issues.

Lauding the State government of Telangana, the Federation of Telangana Chambers of Commerce and Industry (FTCCI) said the OTS will help release manpower engaged in legacy issues and allow more time for GST related issues.

It will also allow closure to litigations and at the same time effect early recoveries of tax dues, the industry body said.

Applications will be accepted online from May 16 to 30, followed by scrutiny, confirmation of arrears and intimation from July 1 to 15 and submission of settlement letter by tax payer and payment of agreed amount will go on from July 16 to August 15.

The dealers should apply for the OTS through an online application and dealers no longer in business can apply offline in their respective jurisdictional circles of the commercial taxes department.

The one-time settlement scheme aims to recover over Rs 3,000 crore long-pending arrears pertaining to commercial taxes.

States such as Maharashtra, Karnataka, Kerala, Bihar and West Bengal have already introduced OTS to recover disputed taxes, followed by Telangana issuing orders for OTS. (KNN Bureau)