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GST Amnesty Scheme appeals applicable till 31st January 2024
PrintIn a bid to assist taxpayers grappling with Goods and Services Tax (GST) issues, the Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant amnesty scheme. This initiative allows specified GST taxpayers to lodge appeals against GST tax demand orders until January 31, 2024.
Announced as a measure to pardon delays in filing GST appeals, the special amnesty scheme aims to provide a lifeline for those who have disagreed with a GST tax demand order.
Individuals who fail to file their returns face fines in the form of late fees as a penalty. For delayed submission of the GSTR 3B, the late fee amounts to ?50 per day. In scenarios involving State Goods and Services Tax (SGST) and Central Goods and Services Tax (CGST) with tax liabilities, the fine is ?25 per day.
For instances with no tax liability in SGST or CGST, the late fee stands at ?10 for each, totalling ?20 per day. However, under the Amnesty scheme, there's a possibility of relief from these penalties.
Announced as a measure to pardon delays in filing GST appeals, the special amnesty scheme aims to provide a lifeline for those who have disagreed with a GST tax demand order.
Individuals who fail to file their returns face fines in the form of late fees as a penalty. For delayed submission of the GSTR 3B, the late fee amounts to ?50 per day. In scenarios involving State Goods and Services Tax (SGST) and Central Goods and Services Tax (CGST) with tax liabilities, the fine is ?25 per day.
For instances with no tax liability in SGST or CGST, the late fee stands at ?10 for each, totalling ?20 per day. However, under the Amnesty scheme, there's a possibility of relief from these penalties.
Category : GST | Comments : 0 | Hits : 459
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