IANS | 23 Jun, 2024
As part of several taxpayer-friendly decisions, the GST Council on
Saturday recommended the waiving of interest and penalty in cases of tax demand
notices that have been sent under Section 73, of the GST Act, Finance Minister
Nirmala Sitharaman said after the meeting.
"In the case of demand notices issued for 2017-18, 2018-19,
2019-20, interest and penalty will be waived off, if tax is paid by March 31,
2025," Nirmala Sitharaman said.
The GST Council has also recommended that the time limit to avail input
tax credit in respect of any invoice or debit note under section 16(4) of the
CGST Act filed up to the 30-11-2021 for the financial years 17-18, 18-19, 19-20
and 20-21 may be deemed to be 2011 to 2021.So for the same requisite amendment
retrospectively with effect from 1 July 2017, the Finance Minister said.
In order to reduce tax litigation which is expected to benefit both
taxpayers and the government, the GST council recommended a minimum limit for
filing appeals of Rs 20 lakh for the appellate tribunal, Rs 1 crore for the
High Court and Rs 2 crore for the Supreme Court.
In another taxpayer-friendly measure, the GST Council has decided to
introduce Form GSTR 1A to enable taxpayers to add information they have missed
when filing Form GSTR 1.
The new form can also be used to correct mistakes that they have made
while filing their particulars in form GSTR 1.
--IANS
