Waiver of Interest and Penalty for FY 201718 to 201920—A Big Relief to Taxpayers—P. Narayanan

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The Tax Publishers GST--Waiver of Interest and Penalty Waiver of Interest and Penalty for FY 2017-18 to 2019-20--A Big Relief to Taxpayers P. Narayanan In pursuance of recommendation of the GST Council in its 53rd meeting, the Finance (No. 2) Act, 2024 has inserted section 128A providing for waiver of interest or penalty or both relating to demands raised under section 73, for the financial year 2017-18 to 2019-20. The learned author seeks to make overview of the above provision and scope of the waiver scheme. 1. Introduction In its 53rd Meeting held on 22-6-2024 at New Delhi, the GST Council had made a big announcement providing big relief to the taxpayers having outstanding demand of tax, interest and penalty for the Financial Years 2017-18 to 2019-20. The GST Council had recommended for waiver of 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 31-3-2025. In pursuance of the recommendation of the GST Council, the Finance (No. 2) Act, 2024 has inserted a new section 128A providing for waiver of interest or penalty or both relating to demands raised under section 73, for the financial year 2017-18 to 2019-20 (hereinafter referred to as "the waiver scheme"). SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

GST--Waiver of Interest and Penalty

Waiver of Interest and Penalty for FY 2017-18 to 2019-20--A Big Relief to Taxpayers

P. Narayanan

In pursuance of recommendation of the GST Council in its 53rd meeting, the Finance (No. 2) Act, 2024 has inserted section 128A providing for waiver of interest or penalty or both relating to demands raised under section 73, for the financial year 2017-18 to 2019-20. The learned author seeks to make overview of the above provision and scope of the waiver scheme.

1. Introduction

In its 53rd Meeting held on 22-6-2024 at New Delhi, the GST Council had made a big announcement providing big relief to the taxpayers having outstanding demand of tax, interest and penalty for the Financial Years 2017-18 to 2019-20.

The GST Council had recommended for waiver of 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 31-3-2025.

In pursuance of the recommendation of the GST Council, the Finance (No. 2) Act, 2024 has inserted a new section 128A providing for waiver of interest or penalty or both relating to demands raised under section 73, for the financial year 2017-18 to 2019-20 (hereinafter referred to as "the waiver scheme").