GST update - No more Tax Demand Notice & Orders | GST Amensty Scheme 2024 , Section 128A Rule 164,

Summary

This informative video discusses the newly introduced GST Amnesty Scheme 2024, specifically focusing on Section 128A, which waives interest and penalties for certain tax liabilities. The speaker, CA Pooja, elaborates on eligibility criteria and various clauses under which taxpayers can benefit from the scheme, encouraging viewers to pay taxes by March 31, 2025. She outlines the procedural steps and forms required for application and acceptance. Additionally, the video highlights the importance of the scheme for both taxpayers and the government in reducing litigation. Viewers are encouraged to subscribe and share the video for further updates on tax matters.

Takeaways

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Q & A

What is the GST Amnesty Scheme 2024?

The GST Amnesty Scheme 2024 is a government initiative that allows taxpayers to benefit by waiving off interest and penalties related to tax liabilities if they pay the due taxes. It aims to reduce litigation and provides benefits to both taxpayers and the government.

What is Section 128A about?

Section 128A introduces provisions related to the waiver of interest and penalties for taxpayers under certain conditions. It specifies the eligibility criteria and the types of orders that are covered under this scheme.

Which tax periods are covered under this scheme?

The scheme covers tax periods from July 1, 2017, to March 31, 2020, encompassing the financial years 2017-18, 2018-19, and 2019-20.

What are the eligibility clauses for availing the amnesty?

There are three main clauses: Clause A applies to those who have received a notice (DRC-01) but no final order; Clause B applies to those who have received a final order (DRC-07) but no appeal has been filed; Clause C applies to those who have received an order (APL-04) but no further appeal has been filed under Section 113.

What forms are required to apply for the amnesty?

Taxpayers must fill out specific forms based on the eligibility clause they fall under: Form AL-01 for Clause A, Form AL-02 for Clauses B and C. Other forms for acceptance and rejection will also be involved.

What is the payment deadline for this amnesty scheme?

Taxpayers must make the required payments to avail themselves of the benefits of this scheme by March 31, 2025.

What happens if a taxpayer receives a notice from the officer?

If an officer issues a notice (SPL-03), the taxpayer must respond within one month from the date of receipt. The officer has the discretion to accept the application or issue a rejection notice.

Can taxpayers opt for the amnesty scheme if there are multiple issues in an order?

Yes, taxpayers can opt for the amnesty scheme for specific issues within an order, provided they meet the criteria laid out in the notification.

What are the implications of filing for this amnesty?

By opting for the amnesty, taxpayers must undertake to cancel any appeals they have filed, and they are required to submit their applications and payments accurately to benefit from the waiver of penalties and interest.

How can taxpayers stay updated on the GST Amnesty Scheme?

Taxpayers can visit the official GST portal or the CA Guruji website for detailed articles, updates, and notifications regarding the scheme and its requirements.