2% of taxpayers have pending CGST Act notices, GST Council proposes waiving interest/penalty if tax paid by March 31, 2025, and extends input tax credit deadline.
Union Finance Minister Nirmala Sitharaman announced that less than 2% of taxpayers have pending notices under the Central GST (CGST) Act. The GST Council proposed waiving interest and penalty on demand notices issued under Section 73, provided tax is paid by March 31, 2025. The Council also recommended that the time limit to avail input tax credit may be deemed to be 2011 to 2021.
June 22, 2024
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