Section 23BA(1) in The Kerala General Sales Tax Act, 1963
(1)Notwithstanding anything contained in this Act, or in any judgement, decree or order of any court, tribunal or appellate authority, an assessee which is a public Sector undertaking or a Co-operative Society and which is in arrears of tax or any other amount due under this Act or the central sales Tax Act, 19 (Central Act 74 of 1956) relating to the period ending on 31st March, 2005, may opt for settling the arrears by availing reduction at the following rates :-(a)a complete reduction of the interest on the tax amount and for the amount of penalty and interest thereon ; and(b)in the case of Public Sector Undertakings or Co-operative Societies which are running in profit, reduction in fifty percent of the principal amount ; and(c)In the case of public sector undertakings or Co-operative Societies which are running at loss, reduction in seventy-five percent of the principal amount.Provided that Public Sector Undertakings or Co-operative Societies, the landed properties of which are likely to be sold in execution of any judgement decree or order of any court, tribunal or other authority shall not be eligible to opt under this scheme.
