{"id":27596,"date":"2024-10-02T18:57:14","date_gmt":"2024-10-02T13:27:14","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=27596"},"modified":"2024-10-23T00:19:01","modified_gmt":"2024-10-22T18:49:01","slug":"no-need-to-pay-interest-penalty-on-gst-tax-demand","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/no-need-to-pay-interest-penalty-on-gst-tax-demand\/","title":{"rendered":"No need to pay interest & penalty on GST tax demand"},"content":{"rendered":"

\"gst<\/h2>\n

No required to pay interest & penalty on GST tax demand; conditional waiver from Nov 1, 2024<\/span><\/h2>\n

Central Board of Indirect Taxes and Customs has introduced Section 128A into the Central Goods and Services Tax Act, 2017 effective from November 1, 2024. This provision grants GST Taxpayers relief from interest and penalties on non-fraudulent Goods and Services Tax demand notices issued u\/s 73.<\/p>\n

Along with the waiver, the Goods and Services Tax Council introduced a provision that allows businesses to rectify and claim missed Input Tax Credits for a specified period, effective from Sept. 27, 2024. This provision helps avoid future disputes over past ITC claims and minimizes the risk of penalties related to delayed or missed claims, further simplifying the Goods and Services Tax compliance process.<\/p>\n

Key conditions for availing this relief are:<\/p>\n

    \n
  1. Applicable Years: It covers Goods and Services Tax demand notices for the financial years 2017-18, 2018-19, and 2019-20.<\/li>\n
  2. Payment Deadline: To benefit from the waiver, taxpayers must pay the full outstanding tax amount by March 31, 2025.<\/li>\n
  3. Non-Fraudulent Cases: This relief only applies to non-fraudulent cases. Cases involving fraud or willful misstatement are excluded.<\/li>\n<\/ol>\n

    The Goods and Services Tax waiver scheme allows businesses to settle outstanding tax disputes by paying the due tax amount by March 31, 2025, without incurring penalties and interest. To benefit from this scheme:<\/p>\n

      \n
    1. Tax Acceptance: Businesses must accept the tax demand and pay the amount owed.<\/li>\n
    2. Waiver of Penalties and Interest: Upon full payment of the tax, all associated interest and penalties will be waived, effectively closing the dispute<\/li>\n<\/ol>\n

      Exclusions:<\/p>\n