The Goods and Service Tax (GST) Council in its 53rd meeting on June 22 waived off interest and penalty on tax demand notices for the period 2017-2020, provided the assessee pay the tax by March 31, 2025,
The Goods and Services Tax (GST) Council Saturday empowered tax authorities to waive interest and penalties on past tax demands, reduced the pre-deposit amount for filing appeals, fixed monetary limits for appeals against assessee at various legal forums and set a sunset date for anti-profiteering cases in a range of decisions aimed at easing doing business in the country.
This is for cases where the taxpayer pays the full amount of tax raised in the notice by March 31, 2025. The waiver is conditional and does not cover wilful defaulters.
Union finance minister Nirmala Sitharaman, chairperson of the body, told, “Our intent is to make GST assessees’ life easier, simpler and less cumbersome. We are working towards less and less compliance,”
Post Disclaimer
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxchanakya has exercised reasonable efforts to ensure the veracity of information/content published, Taxchanakya shall be under no liability in any manner whatsoever for incorrect information, if any.
