- Waiver Introduction: The Central Government has introduced Notification No. 21/2024–Central Tax, effective from 1st November 2024, waiving interest and penalties under Section 128A of the CGST Act for specific registered persons with tax liabilities from 1st July 2017 to 31st March 2020.
- Eligibility Criteria: Two classes of registered persons qualify for this waiver: those who received notices or orders under Section 128A and those with notices under Section 74 needing redetermination under Section 73. Payments must be made by 31st March 2025, or within six months from the re-determination order.
- Significant Relief: This waiver represents a crucial opportunity for businesses to clear outstanding tax demands without accruing further penalties or interest, significantly easing financial burdens from past tax liabilities.
Source Darda Advisors
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