Big GST relief in budget 2024: No need to pay interest and penalty for these GST notices
Budget 2024 has provided some relief to individuals and companies registered under (Goods and Services Tax) GST. This relief comes in the form of a conditional scheme that allows for the waiver of interest and penalty for specified non-fraudulent GST demand notices for the financial years 2017-18 to 2019-20.
"This is one of the most anticipated and welcomed step taken by the Central Government for bringing in waiver of interest and penalty for every taxpayer, be it an individual, a company, or otherwise," says Apoorv Phillips, Senior Associate, Sirmacs Consultancy Services (Law Firm).
Which GST notices are eligible for waiver penalty and interestExperts say that the benefit of this conditional waiver scheme applies only if you have received a section 73 GST notice, i.e., non-fraud notice.
According to Siddharth Surana, Director, RSM India, "The Finance Bill introduces Section 128A, which provides a waiver of interest and penalties for non-fraudulent taxpayers being assessed only under Section 73 for the periods FY 2017-18, 2018-19, and 2019-20. The taxpayer must not be assessed on grounds of alleged fraud, willful misrepresentation, or suppression of facts," says Surana.
