New GST amnesty scheme from Nov 1: Who gets interest and penalty waiver
India’s new Goods and Services Tax (GST) amnesty scheme will come into effect on November 1, 2024. This will offer relief to taxpayers with outstanding GST demands from 2017-18 to 2019-20.
The scheme waives interest and penalties on non-fraudulent cases.
However, taxpayers still need to settle their outstanding tax dues, with the deadline for payments set as March 31, 2025.
Key details of the amnesty scheme
The Ministry of Finance officially notified the scheme, following the announcement in Budget 2024. The Central Board of Indirect Taxes and Customs (CBIC) confirmed that taxpayers eligible under Section 128A can apply for waivers on interest and penalties relating to specific GST demands raised under Section 73 of the GST Act.
Importantly, the scheme applies only to non-fraudulent GST liabilities.
