Input Tax Credit Issue Settled: GE Vernova T&D Uses GST Amnesty Scheme:

Input Tax Credit Issue Settled: GE Vernova T&D Uses GST Amnesty Scheme The company, GE Vernova T&D India Limited, successfully availed the benefit of the GST Amnesty Scheme to settle a penalty imposed for claiming excess Input Tax Credit (ITC). The company has informed the stock exchanges, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) about the same under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The GST Amnesty Scheme was introduced by the government to reduce the financial burden on the taxpayers who missed filing GSTR-3B for the previous tax periods.

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The company had availed of excess ITC in its GSTR-3B returns filed for FY 2019-20, for which the company received a penalty order by the GST officer. The company decided to settle this issue under the GST Amnesty Scheme, which was introduced to provide relief the taxpayers against interest or penalty or both. The application for GST Amnesty filed by the company was approved by the Assistant Commissioner of State Tax, Bhubaneswar III Circle, Odisha. The Company voluntarily paid the tax amount of Rs 2,93,236 for the above matter, and the following amounts were waived under the GST Amnesty Scheme:

• Interest: Rs 2,29,784
• Penalty: Rs 29,322
• Total Waiver: Rs 2,59,106

Therefore, using the GST Amnesty Scheme, companies can make a smart choice and waive their penalty and interest. The Last date to submit the applications for waivers is June 30, 2025.