Section 128A, proposed in the budget waives interest and penalty on the payment of tax

Budget-II 2024-25 GST Article ,

Section 128A, proposed in the budget waives interest and penalty on the payment of tax

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Section 128A, proposed in the budget today, waives interest and penalty on the payment of tax and is made effective from July 2017.

Does this mean that if any tax was paid along with interest and penalty at a time when the said provision did not exist, it can now be subjected to review?

We have seen amnesty schemes in the past, both under central and state laws. To my understanding, hardly any such scheme had a retrospective application. These schemes covered past periods but were applicable prospectively.

It will be interesting to wait and watch how the rules turn out to be.

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Vikash Agarwal
Vikash Agarwal

A seasoned professional with over 15 years of experience in the field of Taxation. My areas of interest lies in tax structuring and planning, business process set up, zero tax leakage in the entire supply chain, dispute resolution and providing advisory services. I’ve had the privilege of working with both Public and Private sector Multinational Corporations (MNCs), gaining valuable insights into Direct tax, Finance, and Accounts. My passion lies in contributing to the success of diverse sectors. Among my personal favorites are Manufacturing, Financial Services (FS), FMCG, Ecom and the dynamic Energy industry. I thrive on solving complex challenges and ensuring compliance while driving strategic growth.

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