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 for conditional waiver of interest and penalty in respect of demand notices issued under section 73 of the Act for FY 2017-18, FY 2018-19, and FY 2019-20, except for demand notices related to erroneous refunds .
To be eligible, taxpayers must meet specific conditions, although these conditions are not explicitly stated in the information available. For more details on eligibility criteria and application procedures, it’s recommended to consult the official Ministry of Finance website or a tax professional.
Key Amendments in GST Law:
- Availability of Input Tax Credit (ITC) for FY 2017-18 to FY 2020-21 in any GSTR-3B filed up to November 30, 2021
- Amendment in Section 17(5) to restrict non-availability of ITC in respect of tax paid under section 74 for demands up to FY 2023-24
- Insertion of Section 54(15) to disallow refund of unutilized ITC or integrated tax for zero-rated supply of goods subject to export duty.
