Goods and Services (GST) Act with effect from November 1, 2024.
Announced in Budget 2024, section 128A is a new section that provides some relief to individuals and companies registered under GST. This relief which is a conditional waiver scheme, allows total waiver of interest and penalty for specified non-fraudulent GST demand notices related to FY 2017-18 to 2019-20. Do note that this scheme only waives off the interest and penalty amount, you still need to pay the tax demand amount.
According to a notification dated September 27, 2024 by the Ministry of Finance “In exercise of the powers conferred by clause (b) of sub-section (2) of section 1 of the Finance (No. 2) Act, 2024 (15 of 2024), the Central Government hereby appoints. —
(a) the date of publication of this notification in the Official Gazette, as the date on which the provisions of sections 118, 142, 148 and 150 of the said Act shall come into force; and
(b) the 1st day of November 2024, as the date on which the provisions of sections 114 to 117, 119 to 141, 143 to 147, 149 and 151 to 157 of the said Act shall come into force.”
According to the explanatory memorandum to Budget 2024, the newly inserted section 128A provides for “waiver of interest or penalty or both relating to demands raised under section 73 for certain tax periods.” Section 73 relates to non-fraud GST demand notices.
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