Amendments have been introduced by the Central Government to the Central Goods and Services Tax Act, 2017, under the Finance (No. 2) Act, 2024, which has the objective of improving tax compliance and facilitating the load on taxpayers. the Gujarat government has furnished an ordinance revising the state GST act to extend these relaxations in the GST interest and penalty to the taxpayers in Gujarat.
The Commissioner of State Tax stated that to ensure effective tax compliance and facilitate the load on the taxpayers, the Central Government has revised the Central Goods and Services Tax Act, 2017 vide the Finance (No. 2) Act, 2024 which has distinct relaxations.
The Government of Gujarat has enacted an Ordinance to revise the Gujarat GST Act to offer these relief measures to taxpayers in the state. As per the notifications stating the way and process to claim the relaxations such as the GST Amnesty scheme, ITC claim u/s 16(5) and 16(6), etc. have been issued.
Under the amender provisions and notifications, cases counted u/s 73 of the GST Act about the financial years 2017-18, 2018-19, and 2019-20 are eligible to claim the benefit of interest and/or penalty waiver. Eligible taxpayers can claim the benefit via an online application from 01.11.2024 till 31.03.2025.
Also, the assesses can claim the input tax credit (ITC) u/s 16(5) and 16(6) for the financial years 2017-18, 2018-19, 2019-20 and 2020-21. To perform the same qualified taxpayers will be required to apply online for rectification. The assesses can claim these relaxations and are motivated to choose their applications within time, release cited.
