Starting November 1, 2024, the GST Amnesty Scheme gives taxpayers a golden opportunity to settle their dues while avoiding penalties and interest. If you’ve received tax notices in the past, this is your chance to save. Let’s break down the key details:
Who Can Benefit?
The waiver applies to notices issued under Section 73 of the GST Act, specifically addressing interest and penalties. Thanks to the Finance Act, 2024 and its introduction of Section 128A, eligible taxpayers can enjoy significant relief.
Applicable period: Notices issued from July 1, 2017, to March 31, 2020.
Note: Refunds won’t be issued if you’ve already paid interest or penalties for notices during this period.
Key Deadlines: Avoid Additional Penalties
- March 31, 2025: The last date to pay taxes for regular cases to avail of the waiver.
- If a notice has been issued under Section 74 but deemed as issued under Section 73 for tax redetermination, you have a 6-month grace period from the date of the order to make payments without interest or penalties.
New Forms to File Your Claim
Two new forms have been introduced for submitting applications:
- SPL 01: For cases where no order has been issued.
- SPL 02: For cases where orders have already been issued.
Make sure to include DRC 03 (proof of tax payment) along with any documents required to withdraw your appeal.
Appeal Withdrawal Requirement
To qualify for the waiver, you must withdraw any pending appeal related to the notice. However, the principal tax amount must still be paid.
How the Department Will Handle Your Application
Once your application is submitted, the department has 3 months to process it. If there’s no response within that time, your case is automatically approved. If the department responds:
- Approval will be confirmed via SPL 05.
- If there’s an issue, a show-cause notice will be issued using SPL 03.
Act Now and Save
The GST Amnesty Scheme 2024 is a limited-time opportunity to clear your tax dues without the weight of penalties or interest. Submit your application, pay your taxes, and keep your records up to date. Don’t let this chance slip away—take action now!