Why in the News?

The finance ministry has come out with an amnesty scheme for filing appeals against Goods and Services Tax (GST) demand orders.

What is the GST Amnesty scheme?

• The GST Amnesty scheme was introduced by the Centre to help businesses comply with the Goods and Services Tax laws in the country.
• Every entity that needs to file its GST returns must conduct the process in a sequential manner.
• If the taxpayer misses the last date, they may have to pay penalties for not filing the returns.
• In such a situation, the GST Amnesty scheme helps taxpayers file their returns without hefty penalties.
• The plan also aids businesses whose registration stands canceled for non-filing of returns.
• Under the GST Amnesty scheme, taxpayers can file for the revocation of their cancellation as well.

How can one benefit from the GST Amnesty scheme?

• Taxpayers cannot file the GST return for a particular period without submitting the previous ones.
• A heavy penalty will also be levied on them for missing their filings.
• The GST Amnesty scheme allows taxpayers to file their pending returns without incurring a hefty fine.
• It will help them in complying with the indirect taxation laws of the country.
• It also aids business entities to appeal against the cancellation of their registration if they have not submitted the GST returns for three consecutive quarters.
• The scheme will be open till January 31, 2024.