GST Amnesty Scheme: The GST Council announced an amnesty scheme for taxpayers after its 52nd meet which was held in the national capital on October October 7.
As per the new scheme, the taxpayers will be given time till January 31, 2024, to file appeals against demand orders passed by tax officers till March 2023. It gives extra time to GST-registered businesses to file appeals with an enhanced pre-deposit of 12.5 per cent of the tax demand, against 10 per cent currently.
As per the GST law, an assessee can file an appeal against an assessment order seeking taxes within three months of the tax officer passing such an order. This can be extended by one more month.
Briefing on the decision by the council, Revenue Secretary Sanjay Malhotra said that a period till January 31, 2024, may be given for filing of appeals by taxpayers for all orders passed till March 31, 2023, with an enhanced pre-deposit. Of the pre-deposit of 12.5 per cent of the tax under dispute, at least 20 per cent (i.e. 2.5 per cent of the tax under dispute) should be debited from the Electronic Cash Ledger.
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“This will facilitate a large number of taxpayers, who could not file an appeal in the past within the specified time period,” an official statement said.
Big Relief in trade facilitation measure
In another major decision, the council has amended GST rules to provide that provisionally attached property will be released after completion of one year.
Under the GST law, tax officers can provisionally attach properties, including bank accounts, of GST-registered entities over non-payment of taxes. In its meeting, the council has decided that such attachment will be valid for one year.
