GST Amnesty Scheme 2024 (2024)

FAQs

Can GST late fees be waived? ›

1,000. (i.e., 500 each under CGST and SGST Act). The late fee is waived off in excess of Rs. 1,000 for delayed filing of GSTR-10.

The department will collect the stamp duty as applicable on the date of execution of the documents by offering relief in the stamp duty amount as well as penalty depending on the period at which such documents were executed and the date on which the application has been filed by the beneficiary to avail the benefit of ...

If the amount of the arrears is Rs. 10,000 or less, the GST Amnesty Scheme for 2022 permits the waiver of all arrears. As of 1 April 2022, dealers with arrears of Rs. 10 lakh or less are permitted to pay 20% of their total arrears in a lump sum rather than computing the amount with interest as well as penalties.

Rajasthan GST Department which introduced the Amnesty Scheme-2024 furnishes an effective chance for dealers and individuals to settle the demands and disputed amounts providing tax reimbursem*nts and easing the resolution procedure.

Total late fees to be paid per day

The law has fixed a maximum late fees of Rs 10,000 up to May 2021. This means that in any case, the maximum late fees that can be charged by the Government is Rs 5,000 each return being filed under each Act.

Penalty of 2% per month or part upto 400% penalties are levied on stamp duty due. The waiver or the relief is granted based on the date of application and the date of the agreement & Stamp duty due.

Maximum penalty is up to 400% i.e. 4 times of the stamp duty amount. Example: If Stamp duty amount to be paid in year 1998 was Rs. 5,00,000/- which was not paid, the penalty amount will be Rs. 20,00,000/- (2% per month up to 400%) in 2014 or thereafter.

However, starting in April 2022, the stamp duty in Maharashtra was reinstated. Based on the bill passed by the Maharashtra state government in March 2022, property buyers will get a waiver on stamp duty in Maharashtra on purchasing resale properties for one to three years.

Ans: If you are an NRI, you can claim a tax refund from your health insurance provider by raising a GST refund request and sharing the required documents, including a Tax Residency Certificate (TRC), a declaration, the last 6 months NRE account's bank statement, address proof abroad and KYC documents.

Who is eligible for Amnesty? ›

You can demonstrate that you have been continuously physically present in the U.S. since November 1986; You can establish that you have resided continuously in the U.S. in an unlawful status since January 1, 1982; You have not been convicted of any felony or of three or more misdemeanors committed in the U.S.

You are eligible for a GST refund if you have paid excess tax, exported goods or services, made zero-rated supplies, claimed lower income than presumptive income, or have unutilised input tax credit.

Many amnesty schemes require people to have resided in the nation for a particular length of time before they may be granted amnesty. The Immigration Reform and Control Act required persons to have resided in the United States for at least five years. Criminal history is another essential factor.

GST amnesty scheme for GSTR-9

The CBIC notified vide 07/2023 dated 31st March 2023, a waiver of late fees in excess of Rs.20,000 (i.e., 10,000 each under CGST and SGST Act) for delayed filing of GSTR-9 for years 2017-18 up to 2021-22 if filed between 1st April 2023 to 30th June 2023.

In such cases if your effective date of cancellation is any other date or current date then you can visit the office of assessing officer and ask him to cancel your GST registration from registration date for saving late fees.

GST amnesty scheme for GSTR-9

The CBIC notified vide 07/2023 dated 31st March 2023, a waiver of late fees in excess of Rs.20,000 (i.e., 10,000 each under CGST and SGST Act) for delayed filing of GSTR-9 for years 2017-18 up to 2021-22 if filed between 1st April 2023 to 30th June 2023.

In conclusion, the case of Manglam Arts v. Pr. CIT establishes a precedent that late GST payments are allowable as deductions under Section 37 of the Income Tax Act.

The late payment charge is consideration for the financial supply and not an adjustment event hence there is no need for the supplier to account for GST for that supply.