Clear GST Dues, Get Fine Exemption


Clear GST Dues, Get Fine Exemption

Under the Central Government’s amnesty scheme, businesses will need to pay the outstanding tax by March 31, 2025, and be completely exempt from interest and penalties related to the tax

 
GST

Udaipur, January 30, 2025 – The Central Government’s stance on GST is becoming flexible with its announcement of exempting interests or penalties on outstanding GSTs if they are all cleared soon. Recently, the government decided to end all old GST demands. Under this amnesty scheme, businesses will only need to pay the outstanding tax by March 31, 2025. By clearing all old GST dues, businesses will be completely exempt from interest and penalties related to the tax.

Experts have clarified that under this scheme, if any business sees a GST-related demand on their portal, they can simply pay the tax amount and be exempt from fines and interest.

However, there is a condition. For example, if a business owes tax from the year 2018-19 and has not paid it, normally the business would have to pay interest on the outstanding tax, and a penalty would apply for late payment. But if the overdue tax is paid by March 31, 2025, no additional charges will be applied. However, if the business has challenged the tax in Court, they will need to withdraw that challenge.

This decision was approved at the GST Council meeting in December, and a notification to this effect has recently been issued.

Additionally, in a significant relief for loan defaulters, penalties charged on loan defaults by NBFCs and banks will no longer attract 18% GST. Again, GST will not be charged on transactions of up to Rs 2,000 made via debit or credit cards on online platforms by payment aggregators.

To join us on Facebook Click Here and Subscribe to UdaipurTimes Broadcast channels on   GoogleNews |  Telegram |  Signal