(1) Notwithstanding anything contained in this Act or rules made thereunder or in any assessment, judgment, decree or order of any court, tribunal or appellate authority, bar hotels,-

(i) which were closed pursuant to the Abkari policy of the Government for the year 2014-2015 and 2015-16, and were registered and had paid turnover tax prior to such closure; and

(ii) were subsequently granted new/renewed licenses under foreign liquor rules after such closure; and

(iii) who have not paid turnover tax on the turnover of sale conducted under such new/renewed licences for the period up to 31st December, 2020 and assessments were either completed or not, against them for the turnover tax due for such period,

Shall be allowed to settle the arrears of turnover tax up to 31st December, 2020 at the rates mentioned in section 7, subject to eligibility conditions mentioned therein, with complete waiver of penalty and fifty per cent waiver on interest, subject to the following conditions, namely:-

(a) the option to settle under this scheme shall be filed on or before 31st March, 2022;

(b) they should file returns and other statements required to be filed under this Act for such periods along with the option;

(c) on receipt of the said option, the assessing authority shall determine the amount of tax payable under this section and shall intimate the same to the dealer;

(d) twenty per cent of the amount determined in sub-clause (c) shall be paid within a month of receipt of the intimation referred therein and the balance amount shall be paid in four installments before 30th April, 2022.

(2) The form and manner of submission of returns, statements, option and payments shall be as may be specified by the Commissioner of State Tax.

(3) On full payment of the amount determined under this section, the assessment, if any, already made for the option period, will be nullified.