Giving a big relief to GST taxpayers. The central government has announced an exemption from interest and penalty on the GST Demand Notice. Taxpayers who received GST demand notice for the financial years 2017-18, 2018-19, and 2019-20 can now pay their dues without interest and penalty.
Now they can now settle their bills
without incurring interest or penalties if they get a GST demand letter for the fiscal years 2017–18, 2018–19, and 2019–20. It is necessary, therefore, that the tax-demand notification falls under the non-fraud category. For this, the government has also released a notification. For GST taxpayers, this program will go into effect on November 1. It was declared in the budget for this year. The government unveiled this GST exemption plan in the General Budget of 2024. It’s thought of as the government’s aim to lessen tax conflicts. The government has provided this assistance by the newly created section 128A of the GST Act, which allows GST authorities to introduce exemptions to reduce the compliance pressure on taxpayers.
The 53rd meeting of the
GST Council decided that the meeting aims to settle disputes when tax demand notifications are issued for tax liabilities resulting from erroneous interpretations of the law rather than intentional avoidance. By March 31, 2025, the remaining balance listed in the GST demand notice must be paid to qualify for this exemption.
How can I make a payment?
Your settlement will be finalized once the whole amount owed is paid, together with any associated interest and penalties. Only GST demand notices from the non-fraud category from the fiscal years 2017–18 to 2019–20 are excluded from this requirement. During this time, if someone has gotten a GST demand letter as a result of fraud, he will not get the benefit of this scheme.
Read More: Oppo launched a new AI smartphone with limited limited-edition design
 |
|
|
Click Here |
|
Click Here |
|
Click Here |
