The 54th GST Council meeting has given the green light to a much-anticipated amnesty scheme that will allow taxpayers to waive interest or penalty on tax demands under Section 73 of the CGST Act for the financial years 2017-18, 2018-19, and 2019-20.
The Council has recommended the insertion of Rule 164 in the CGST Rules, 2017, along with specific forms, outlining the procedure and conditions for availing this benefit. The scheme will be available to registered persons who pay their outstanding tax liabilities by March 31, 2025.
These changes will be applicable from a date which will be given through separate GST notification
Click here to Get Detailed Press Release of 54th GST council Meeting
Key Provisions of the Amnesty Scheme:
- Eligible Tax Demands: Tax demands under Section 73 of the CGST Act for the financial years 2017-18, 2018-19, and 2019-20.
- Waiver of Interest or Penalty: Registered persons who pay their outstanding tax liabilities by 31.3.2025 can avail a waiver of interest or penalty, or both.
- Notification of Section 128A: The Council has recommended that Section 128A of the CGST Act, which provides for this amnesty scheme, be notified with effect from November 1, 2024.
Circular to Clarify Issues: To ensure clarity and transparency, the Council has also recommended the issuance of a circular addressing various concerns related to the amnesty scheme. This circular will provide detailed guidance on the eligibility criteria, application process, and other relevant aspects.
All other Changes are covered in below video
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