Reetu | Jun 13, 2023 |
Amnesty Scheme under GST; Details Here
The GST Amnesty Scheme was first announced to cover the period from July 2017 to September 2018. A one-time extension of the time limits was then granted. Taxpayers may file these outstanding taxes on or before March 31, 2019.
Due to the COVID epidemic, various tax experts and industry leaders encouraged the government to reactivate the GST amnesty plan for several months in early 2020. Finally, the government granted their plea.
CBIC adopted the GST Amnesty Scheme for the second time on June 1, 2021, by a notification. It is applicable to all outstanding GSTR-3B returns for tax periods between July 2017 and April 2021.
The GST Council recently suggested establishing a GST amnesty plan for taxpayers who have not yet submitted GSTR-4, GSTR-10, and GSTR-9 for the previous financial years at its 49th meeting in February 2023. In addition, the Council proposed giving persons whose GST registrations were terminated extra time to rescind such cancellations. Furthermore, the authorities would not use Section 62 if some taxpayers failed to file returns within the time period specified in the notification provided they filed on or before June 30, 2023.
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