GST Council Proposes Waiving of Interest, Penalty on Demand Notices Issued to Taxpayers Under Section 73, if Tax Paid by March 31, 2025

New Delhi, June 22: As part of several taxpayer-friendly decisions, the GST Council on Saturday recommended the waiving of interest and penalty in cases of tax demand notices that have been sent under Section 73, of the GST Act, Finance Minister Nirmala Sitharaman said after the meeting.

"In the case of demand notices issued for 2017-18, 2018-19, 2019-20, interest and penalty will be waived off, if tax is paid by March 31, 2025," Nirmala Sitharaman said. The GST Council has also recommended that the time limit to avail input tax credit in respect of any invoice or debit note under section 16(4) of the CGST Act filed up to the 30-11-2021 for the financial years 17-18, 18-19, 19-20 and 20-21 may be deemed to be 2011 to 2021. GST Council Meet 2024: Government Rolls Out Pan-India Aadhaar-Based Biometric Authentication To Prevent GST Fraud.

So for the same requisite amendment retrospectively with effect from 1 July 2017, the Finance Minister said. In order to reduce tax litigation which is expected to benefit both taxpayers and the government, the GST council recommended a minimum limit for filing appeals of Rs 20 lakh for the appellate tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court. CNG Price Hike: Government Announces Surge in Compressed Natural Gas Prices by Rs 1 per Kg.

In another taxpayer-friendly measure, the GST Council has decided to introduce Form GSTR 1A to enable taxpayers to add information they have missed when filing Form GSTR 1. The new form can also be used to correct mistakes that they have made while filing their particulars in form GSTR 1.

(The above story first appeared on LatestLY on Jun 22, 2024 10:08 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).