The GST Council recently recommended waiving interest and penalties on demand notices for fiscal years 2017-18, 2018-19, and 2019-20 under Section 73 of the CGST Act. This waiver is contingent on the full tax payment by March 31, 2025. The recommendations have raised several important questions for taxpayers and consultants alike. This video aims to provide a detailed understanding of the implications of these changes on various taxpayer scenarios.
5 important situation related to Interest and penalty waive u/s 73 of CGST Act
1. Addressing SCNs Under Adjudication
2. Penalty and Interest Already Paid
3. Impact on Upheld Appeals
4. Impact on Rejected Appeals
5. Impact on Pending Appeals
The GST Council's recommendation to waive interest and penalties on demand notices for fiscal years 2017-18, 2018-19, and 2019-20 under Section 73 of the CGST Act has raised several important questions for taxpayers.
Detailed notifications or circulars from the GST Council will provide clarity on these points. It is advisable for taxpayers to stay updated on our channel.
