Chhatrapati Sambhajinagar:
The GST amnesty scheme, which offers relief from GST interest and penalty, has entered its final stage, with the last date for payment being March 31. Taxpayers are urged to take maximum advantage of the scheme and submit their applications through the portal, said Abhijeet Raut, Joint Commissioner of State Tax.
The Central Government announced the scheme under the Central Goods and Services Tax (GST) Act in the 2024 union Budget. A notification was issued on October 8, 2024, and a circular was published on October 15, 2024. The objective of this scheme is to simplify the resolution of pending GST disputes and reduce the burden on taxpayers regarding demands raised under Section 73 of the GST Act for the financial years 2017-18, 2018-19, and 2019-20. The scheme allows taxpayers, subject to the conditions of the scheme, to pay only the principal tax amount, thereby getting relief from the interest and penalties on their outstanding dues.
Payment and application deadlines
There seems to be a misunderstanding that the deadline for both payment and submission of applications is the same. According to Abhijeet Raut, the last date for payment (which involves paying only the principal tax) under the amnesty scheme for interest and penalty relief is March 31. However, the final date for submitting applications is June 30.