The Central Board of Indirect Taxes and Customs has announced the Goods and Services Tax Amnesty Scheme 2024, and the participating traders will not be charged penalties or charged under Section 128 of the Goods and Services Tax (GST) Act. 2017. 

This scheme will be implemented from November 1.

The notification issued on September 27 stated that the amnesty scheme has been prepared keeping in view the provisions of Sections 118, 142, 148 and 150 of the GST Act. 

Karim Lakhani, a chartered accountant, said a major new section, Section 128-A, has been added to implement this scheme.

Under this section, defaulters in paying GST are exempted from interest and penalty dues. The traders who have been sent notice under Section 73(1), sent statements under 73(3), or who have not been ordered, will benefit from the scheme.

Similarly, if the orders against the traders have not been made under Section 107(11), have been ordered under 73(9) or Section 108(1) will benefit from the scheme.

GST defaulters from July 1, 2017, to March 31, 2020, will be given the benefit of the amnesty scheme.

Also, all proceedings initiated under notices given to the trader or orders placed by way of the statement will be terminated after participation in the scheme.

Even if an order is made under section 74 (1) of the GST Act or an order is made under section 75 (2) by the Appellate Authority or the Appellate Tribunal, the order will be treated as an order made under the notice.

Under the order passed by the appellate authority the trader concerned, will have to deposit some amount and then come forward to avail the scheme for remission.

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