GST relief: No need to pay interest and penalty on GST tax demand; conditional waiver from November 1, 2024
The Ministry of Finance has notified various sections including 128A of the Goods and Services (GST) Act with effect from 01.11.2024.
Tag: Sec 128A of cgst act
GST relief: No need to pay interest and penalty on GST tax demand; conditional waiver from November 1, 2024
The Ministry of Finance has notified various sections including 128A of the Goods and Services (GST) Act with effect from November 1, 2024.
Relief in the recent finance budget from interest and penalty: A waiver of what?
The term ‘waiver’ is typically understood as a voluntary relinquishment or abandonment of a known existing legal right.
Section 128A, proposed in the budget waives interest and penalty on the payment of tax
Section 128A, proposed in the budget today, waives interest and penalty on the payment of tax and is made effective from July 2017.
New Section 128A – Waiver of Interest or Penalty for Certain Tax Periods
Author has expressed his views on the new section 128A which provides for the waiver of interest or penalty for certain tax in the PPT attached.
New Section 128A – What The Future Holds for GST Amnesty Scheme
GST Council in its 53rd meeting dated 22.06.2024 recommends waiving interest and penalties for demand notices issued under Section 73 of the CGST Act (i.e. the cases not involving fraud, suppression or wilful misstatement, etc.) for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid upto 31.03.2025