The government has notified the GST Amnesty Scheme. The Ministry of Finance issued a notification in this regard on October 8. This scheme will open from November 1, 2024.
This scheme was announced by Finance Minister Nirmala Sitharaman in the Union Budget presented in July . Taxpayers whose tax cases are pending from July 1, 2017 to March 31, 2020 will be able to avail the benefits of this scheme. Taxpayers can settle their cases by paying less interest and penalty under this scheme.
Relief will be given only in interest and penalty amount
Taxpayers who have received a notice or order under section 73 (except in cases of fraud) can avail the benefit of this scheme in case of such orders. It is important for taxpayers to understand that under this scheme they will get relief only in the amount of interest and penalty. They will have to pay the tax demand amount. For this amnesty scheme, the government had included section 128A in the Finance Bill. Under this, there is a provision to give relief to taxpayers in the interest and penalty amount in case of notice sent under section 73.
Taxpayers who make mistakes unknowingly will benefit
Chartered accountants say that this amnesty scheme of the government is welcome. The reason for this is that when the GST system was implemented from July 1, 2017, many businesses were not well aware of the new rules. Due to this, mistakes were made in filing returns on their part. After this, notices were sent to them by the GST authorities. This is the reason why it has been decided to provide relief in this amnesty scheme only in cases related to the period from FY18 to FY20.
The number of pending cases will decrease
The government believes that this amnesty scheme will provide relief to a large number of taxpayers. It will also reduce the number of appeal cases in tribunals and courts. Currently, a large number of such cases are pending in tribunals and courts. Due to this, businesses are facing a lot of problems. Such businesses will be able to settle their cases by paying less interest and penalty.
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