Watch: Nita Ambani hosts Manu Bhaker, India's Olympics, Paralympics heroes at Antilia
Mehidy Hasan Miraz returns as Bangladesh announce T20I squad for India series
'Naagin' actress Nia Sharma confirmed for Salman Khan's Bigg Boss 18
Haryana Elections 2024: BJP expels 8 rebels, including Sandeep Garg, for contesting as Independents
IPL 2025: How much salary will MS Dhoni earn if CSK retain him as uncapped player?
UPI QR code is down, this is how SBI is fixing the problem
Shocking! Viral influencer who married herself dies by suicide at 26
When is Navratri 2024: Know the dates, rituals, significance and more
Queen Kangana Ranaut has a new chariot, a Land Rover worth Rs 3 cr, but what she sold in return
Devara Jr NTR is no Baahubali as box office day 3 collection fails to beat all time blockbusters
Earth's 'mini moon' to be visible today: Know all about Asteroid 2024 PT5 and how to watch it
Big relief for GST taxpayers: Clear old dues without extra costs; here’s how
Learn to play the Reliance way, Mukesh Ambani ready to disrupt the toy market
IND vs BAN: Here's why Bangladesh fan Tiger Robi sent back to Dhaka
Men are made villains very fast: What is happening between Gaurav Taneja and Ritu Rathee?
This is India's most luxurious train, price starts from Rs 400000 onwards, runs from...
Rohit Sharma reveals age wasn't real reason behind T20I retirement, says 'I can still....'
Meet Amitabh Bachchan's 'daughter' who called Bollywood a 'fish market': 'I have to pay my bills'
Ratan Tata's BIG move as Tata Sons set to buy 13% in...
'Was shocked to see his face': Meet cricketer who once played for Pakistan but lost all his wealth
India vs Bangladesh, 2nd Test Day 3: Play called off due to poor drainage at Green Park stadium
Mohammad Yousuf resigns as Pakistan national selector but what could be the 'personal reason'
Meet Anuradha who has come out of husband Anand Mahindra's shadow, this is what she does
Mukesh Ambani's BIG gift to shareholders, Reliance earns Rs 53652 crore in just 5 days
IIFA 2024 viral video has Karan Johar touching Shah Rukh Khan’s feet, we are teary eyed
Can Salman Khan's Bajrangi Bhaijaan make Rs 300 crore if re-released after 10 years?
Ethics of public discourse: ADGP's inflammatory remarks under scrutiny
Meet actress who was in relationship with actor 27 years older, husband was arrested for fraud
Chandrayaan-3 might have landed in moon's crater, 'ejecta' will reveal secrets
'Dil Aashna Hai' reunion at IIFA 2024: Shah Rukh Khan bows down to mentor Hema Malini
Here's what IIM toppers from 1980s are doing today
A school drop-out today has a net worth of Rs 45650 crore, his story is literally 'explosive'
Anil Ambani on the rise, Reliance Infra wins Rs 7800000000 arbitration case against...
After Hassan Nasrallah, another high-ranking Hezbollah leader killed in Israeli airstrike in Lebanon
Ulajh OTT release: When, where to watch Janhvi Kapoor-starrer spy thriller
Punjab CM Bhagwant Mann diagnosed with infectious disease Leptospirosis, here's what you should know
Amazon Great Indian Festival 2024: Apple iPhone 15 is available for just Rs..., check deal here
Aishwarya Rai Bachchan hugs anchor who gets emotional upon meeting at IIFA 2024, video goes viral
Mukesh Ambani's son Anant Ambani, BP CEO inaugurate Jio-bp's 500th...
Swiggy CEO Rohit Kapoor is the corporate hero everybody wants, 'go home' he says
2007 Delhi bar bill shows how prices have hiked in 17 years, check how much 10 items cost...
Viral video: 6-foot long python spotted crawling on road amid downpour in Mumbai, WATCH
Kamal Sadanah says Divya Bharti's death was not suicide: 'There were...'
Watch: Woman dances to Stree 2 song Aaj Ki Raat in Metro, video viral sparks debate online
Watch: Bobby Deol gets teary-eyed, kisses wife Tanya after winning Best Villain award at IIFA 2024
'Dad of the year': Scrap dealer gifts iPhone 16 to son for brilliant board results, video goes viral
From LPG price to income tax rules: Major changes that will impact middle class from October 1
Hapur Horror: 5-year-old boy gang raped, assault captured on video, circulated online
29 cities set to get new airports, direct international flights, THIS state will have most...
Meet man, who lost his legs, arm in train accident, still cracked UPSC exam, secured AIR...
What India imports most from Israel? How trade ties between two nations have grown over years
This is the most expensive thing ever made by humans, price will leave you shocked, it is...
Neeraj Chopra's big revelation on Paris Olympics javelin final, says, 'hosh mein...'
Manager fires entire HR team due to...; reason will leave you shocked
Katrina Kaif’s cute birthday wish for ‘best devar’ Sunny Kaushal goes viral
Protests erupt in J-K after Hezbollah Chief killing, Mehbooba Mufti calls him 'martyr'
J-K: BJP suspends three leaders for indulging in 'anti-party' activities ahead of phase 3 polling
Viral video: 'Tell me you live in...': Giant lizard joins woman for picnic, internet says..., WATCH
World’s costliest secret yacht is more expensive than Mukesh Ambani’s Antilia, it is owned by…
'People are losing...': Video of girl dancing to 'Aaj Ki Raat' in metro sparks online debate, watch
Assam: Mobile internet services to be suspended in state for 8 hours today due to…
PERSONAL FINANCE
The new provision aims at cases where tax demands were issued under Section 73 of the GST Act, which pertains to non-fraudulent tax matters.
TRENDING NOW
In a major relief to taxpayers, the government has announced significant modifications to the Goods and Services Tax (GST) laws, providing relief to businesses by waiving specific interest and penalties on past tax demands. This new provision, which will take effect on November 1, falls under Section 128A and allows GST authorities to provide waivers, thereby reducing the compliance burden for taxpayers.
The new provision aims at cases where tax demands were issued under Section 73 of the GST Act, which pertains to non-fraudulent tax matters. This decision was reached during the GST Council's 53rd meeting, aiming to resolve disputes stemming from misunderstandings or misinterpretations of the law, rather than deliberate tax evasion.
Who is eligible for the waiver?
The waiver is applicable to taxpayers assessed under Section 73 for the financial years 2017-18, 2018-19, and 2019-20. Eligibility is limited to those whose tax matters do not involve allegations of fraud, misrepresentation, or concealment of information. Taxpayers engaged in disputes for non-fraudulent reasons can take advantage of the scheme if they consent to settle the tax demand and halt any ongoing litigation.
How does the waiver work?
To benefit from the waiver, businesses must accept the tax demand and settle the amount due by March 31, 2025. Once the tax is paid, the related interest and penalties will be waived, effectively resolving the dispute. Notably, this waiver is not applicable to cases involving fraudulent activity, improperly sanctioned refunds, or taxpayers who have already paid their penalties and interest.
Who does not fall under this scheme?
Taxpayers who have already paid their penalties and interest will not qualify for refunds under this scheme.
The DNA app is now available for download on the Google Play Store. Please download the app and share your feedback with us.