The Ministry of Finance (MoF) on October 15, 2024, issued clarification on various doubts related to Section 128A of the CGST Act, 2017.
The following has been stated: -
•Section 128A of the Central Goods and Services Tax Act, 2017, allows for waiver of interest or penalty on tax demands under Section 73 for financial years 2017-18, 2018-19, and 2019-20, subject to conditions.
•Taxpayers must fully pay the demanded tax by March 31, 2025, to avail of this benefit. Rule 164 of the CGST Rules provides procedures and conditions for closure of proceedings under Section 128A.
•The GST Council's 54th meeting introduced clarifications and guidelines for uniform implementation across field formations.
The detailed circular is given in the document below.
[Circular No. 238/32/2024-GST]
