Finance Ministry to Announce GST Amnesty Scheme Circular by October or November
By: Admin | August 26, 2024 | Categories: GST Recent News | 4 Min Read
The Ministry of Finance is set to issue a circular on the GST Amnesty Scheme, anticipated to be released in October or November 2024. This scheme, introduced in the Budget 2024, aims to offer relief to taxpayers by waiving interest and penalties under certain conditions for tax issues from July 1, 2017, to March 31, 2020.
Key Features:
- Coverage: The scheme will address show cause notices (SCNs), adjudicating orders, and appeal orders for the financial years 2017-18, 2018-19, and 2019-20.
- Waivers: Taxpayers can receive a waiver of interest and penalties if they settle the full tax amount by March 31, 2025.
- Exclusions: Cases concerning refunds are excluded, and taxpayers must withdraw ongoing appeals or court proceedings to qualify. Resolved cases under the scheme cannot be appealed further.
Ongoing Discussions:
- Industry Representation: There are calls to include cases with demands solely for interest or penalties and to address transitional credit disputes.
- Operational Details: The scheme will operate on a SCN or order-wise basis, requiring taxpayers to resolve all related issues for participation.
- Proposals: Suggestions include allowing the use of ITC Ledger for tax payments under the scheme and addressing disputes related to ITC periods.
The official notification detailing the scheme’s specifics is expected to provide further clarity and guide taxpayers through the process.
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