GST Amnesty Scheme was introduced by CBIC to help non-filers by offering a one-time waiver of late fees, encouraging voluntary return filing.
GST Amnesty Scheme is expected to offer significant relief to taxpayers those who are facing show cause notices (SCNs) adjudicating orders, and appeal orders for FY 2017-18, 2018-19, and 2019-20.
Officially Notification
The scheme is expected to be officially notified around October or November 2024.
Main Objectives
The main aim is to waive interest and penalties under arising between July 1, 2017, and March 31, 2020.
Benefits from Waiver of Interest and Penalties
Taxpayers can get the benefit from the waiver once they have paid the full tax amount due by March 31, 2025.
Salient Features
- Applicability of the scheme may start only from Oct or Nov 2024 or after the official notification.
- This scheme operates on an SCN or order-wise basis which means taxpayers need to address all issues related to a specific SCN or order.
- To go into the Scheme one has to pay the full tax amounts and then can get a waiver of interest.
- Payment against SCN or Order must be cleared under the scheme but before that appeal may be filed with a pre-deposit.
- Ensure that the appeal must be filed within the one month; otherwise scheme will be not eligible.
- Cases in Appeals or before court have to be withdrawn for going into the scheme.
- Cases of refund are not covered.
Note : Once resolved under the scheme, the case cannot be appealed again.
Industry Representations and Suggestions
- Experts requested to include cases with demands solely for interest or penalties.
- Suggestions to include allowing the use of the ITC Ledger for tax payments under the scheme.
- To permit taxpayers to address issues separately for financial years (2017-18 to 2019-20) while managing other years independently.