GST Meeting Suggests New Amnesty Schemes for Pending Returns

Under the Chairpersonship of Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, the 49th GST council meeting would have launched different suggestions concerning the GST compensation, GST Appellate Tribunal, approval of the Report of Group of Ministers (GoM) on Capacity Based Taxation and Special Composition Scheme in specific Sectors on GST, recommendations relating to GST rates on Goods and Services and other extents for trades facilitation.

For the due returns in form GSTR-4, form GSTR-9, and form GSTR-10, amnesty would have been suggested by the finance minister. To the assessees, it has furnished a relied that has been executed through the method of conditional waiver or reduction of late fee.

Under the GST for furnishing the due GST returns, an amnesty scheme would have been initiated. The major purpose of the scheme would be for the case of cancellation of GST registration in order to assist the assessee from levying the penalty which happens because of lapsing of the return filing time.

Form GSTR-4 is a return under GST, under this, the assessee is required to file a GST return once every 3 months that are signed up for the compensation scheme.

Form GSTR-9 is the annual return furnished via the regular assessee when a year including the information on CGST, and SGST. IGST is paid by the assessee in the year.

Form GSTR-10 was furnished via a taxable individual when the GST registration of that person was revoked or surrendered. It was indeed called the final return.