The Goods and Services Tax (GST) in India has undergone frequent legislative and procedural changes since its introduction 7 years ago. The GST Council has addressed issues through amendments and has recommended an Amnesty Scheme to provide conditional relaxation from interest and/or penalty for tax demands issued for FY 2017-18, 2018-19, and 2019-20. The Scheme requires taxpayers to pay the full tax amount demanded by 31 March 2025 and will not cover instances of tax demands related to erroneous refunds. A new section 128A in the GST law is expected to be introduced to give statutory effect to the Scheme in the upcoming Union Budget on 23 July 2024. Key considerations for Budget 2024 include addressing ambiguities in the details of the Amnesty Scheme.
Read more at: Economic Times
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