Traders continue to be confused regarding Goods and Services Tax (GST). Meanwhile, in the workshop organized in Bhopal, the capital of Madhya Pradesh, experts told about the new GST amnesty scheme implemented from November 1. He says that after the introduction of GST, tax consultants and businessmen made mistakes for years, which this is an opportunity to correct.
Under Section 128A of GST, the amnesty scheme issued by the government will have to be applied for exemption in interest and penalty of GST before June 30, 2025. This information was given by advocate and tax consultant Palash Khurpia in a workshop for tax consultants organized at GST office, Bhopal.
He said that in the initial years of the introduction of GST, mistakes were made by tax consultants and traders, due to which the department took action against them and imposed interest and penalty. This scheme has been started for relaxation in this.
New GST Amnesty Scheme: This will be the entire process
- Tax consultant Khurpiya said that in this scheme, exemption has been provided from the penalty and interest imposed in the orders passed under Section 73 of the year 2017-18, 2018-19, 2019-20. For this, the tax amount has to be deposited by 31 March 2025.
- After this, the application for exemption from interest and penalty has to be applied in the prescribed format by June 30. If any appeal has been made before applying for this scheme, it will have to be withdrawn.
- If the amount of tax demanded has already been deposited, then Form DRC 03A will have to be filled so that the amount of tax outstanding can be adjusted. He informed that the forms of this scheme will be available on January 25.
Notice is not issued within three months
Experts told that it would be better to apply as soon as the forms arrive, because the officer has to examine them for three months. If no notice is issued within these three months, the applications will be considered acceptable. Tax Law Bar Association President Mridul Arya, Vice President Ankur Aggarwal, Bachchan Acharya and Secretary Manoj Parekh were present on this occasion.