The waiver scheme under Section 128A of the Central Goods and Services Tax Act, 2017, is a huge relief for taxpayers, aiming to reduce tax disputes. Introduced via the Finance Act, 2024, and effective from November 1, 2024, this scheme allows for the waiver of interest, penalties, or both, related to tax demands under Section 73 for the financial years 2017-18, 2018-19, and 2019-20.
Eligibility Criteria:
To avail this waiver, taxpayers must meet specific conditions. The scheme applies to cases not involving fraud, suppression, or wilful misstatement.
Key Benefits:
The waiver scheme provides a valuable opportunity for taxpayers to settle outstanding demands from previous financial years without incurring additional interest or penalties.
Important Deadline:
Taxpayers must make necessary preparations to meet the March 31, 2025 deadline for tax payment and application submission to take full advantage of this relief measure.
