Madhya Pradesh Govt Notifies Deemed Assessment Scheme for

The Madhya Pradesh government has introduced a Deemed Assessment Scheme for settling Value Added Tax (VAT) and Fuel Cess cases pertaining to the fiscal year 2023-24. This scheme is designed to streamline the assessment process, reduce litigation, and facilitate the ease of doing business in the state. Under this scheme, assessments for eligible dealers will be deemed to be completed based on the returns they have filed, provided they meet certain criteria and have no outstanding dues or pending audits. This move is expected to benefit a large number of traders and businesses by providing them with certainty and closing their past tax assessments without having to go through a detailed scrutiny process. It represents a shift towards a trust-based tax administration system, aiming to clear the backlog of old cases and allow both the tax department and the businesses to focus on current compliance.