Note on GST Amnesty Scheme under Section 128A of the CGST Act, 2017
- Category: Others
- Date: 25-10-2024
Note regarding the GST Amnesty Scheme under Section 128A of the CGST Act, 2017. This scheme offers a conditional waiver of interest and penalties for the period from July 2017 to March 2020, aimed at easing the challenges faced by taxpayers during the initial implementation of GST.
Key Points:
Effective Date: The provision is effective from November 1, 2024, under the Finance (No. 2) Act, 2024 and Notification No. 20/2024-CT.
Applicability: The waiver applies only to demands raised under Section 73 of the CGST Act.
Eligibility and Conditions: Taxpayers must meet specific criteria and adhere to outlined procedures to qualify for the waiver.
Guidance: Circular No. 238/32/2024-GST clarifies doubts regarding Section 128A.
Taxpayers are encouraged to thoroughly review the eligibility criteria and application process to make the most of this opportunity.