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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 […]
The Ministry of Finance has released rules and procedures for GST-registered taxpayers to apply for the ‘conditional waiver of interest and penalty’ scheme announced in Budget 2024. This scheme is effective from November 1, 2024, and aims to provide relief to eligible taxpayers . The scheme, under section 128A of the CGST Act, allows […]
Goods and Services Tax (GST) is a comprehensive indirect tax system in India that was introduced in July 2017, replacing multiple taxes such as VAT, Excise Duty, and Service Tax. GST is levied on the supply of goods and services, and the tax rate varies based on the type of goods and services being supplied. […]
