GST Amnesty Scheme Extended: Crucial Lifeline for Taxpayers Until August 2023

  • Setindiabiz Team
  • July 24, 2023
GST Amnesty Scheme Extended: Crucial Lifeline for Taxpayers Until August 2023
The Goods and Services Tax (GST) amnesty scheme has been a much-discussed topic among taxpayers since its inception. Designed to offer relief to non-compliant taxpayers, the scheme provides an opportunity to rectify past errors and become fully compliant with the GST Act. Recently, the GST Council has announced a significant extension to the deadline for availing the benefits of this scheme, granting taxpayers more time to settle their dues and adhere to the necessary regulations.

Original Deadline and the Extension

Initially set to expire on June 30, 2023, the GST amnesty scheme has now been extended by the GST Council, giving eligible taxpayers until August 31, 2023, to avail of its benefits. This extension aims to provide a lifeline to taxpayers who were unable to meet the original deadline, enabling them to complete pending compliances and rectify any discrepancies.To avail of the benefits, eligible taxpayers must clear all outstanding taxes, interest, and penalties by August 31, 2023.
Covered Schemes: The GST amnesty scheme aims to simplify the compliance process for taxpayers. By encouraging them to come forward and rectify past errors without facing harsh penalties, the scheme promotes a more straightforward and streamlined approach to compliance. This helps eligible taxpayers in adhering to the GST regulations with greater confidence.The extension of the GST amnesty scheme covers several crucial schemes, including:

GSTR-4 Filing

This scheme is specifically for composition scheme taxpayers who need to file their quarterly returns under the GST Act.
Relief Measures

Revocation Application

The Revocation Application scheme allows taxpayers to apply for the revocation of their cancelled GST registration within the extended period. It applies to GST registrations cancelled on or before December 31, 2022, under Clause (b) or Clause (c) of Sub-section (2) of Section 29 of the GST Act. This scheme offers an opportunity for eligible taxpayers to rectify non-compliance issues related to non-filing of returns and regain their GST registration status

Relief Measures

Withdrawal of Assessment Order under Section 62

The withdrawal of the assessment order under Section 62 of the GST Act is a significant provision offered under the GST amnesty scheme. This provision allows eligible taxpayers to rectify any assessment orders that may have been issued against them by the tax authorities.The scheme is available to taxpayers who have been issued assessment orders on or before February 28, 2023.
Relief Measures

GSTR-9 Annual Return Filing

Regular taxpayers must file their annual return using GSTR-9, and this scheme allows eligible taxpayers to submit their pending returns.
Relief Measures
Taxpayers availing the scheme won’t be eligible for refunds or input tax credit for the non-filing period. Interest on outstanding tax liability still applies. Careful consideration is essential before opting for the scheme.

GSTR-10 Filing

The GSTR-10 Filing scheme provides relief to taxpayers who need to file a final return after the cancellation of their GST registration but fail to furnish the final return in FORM GSTR-10 by the due date. Under this GST amnesty scheme, eligible registered persons can benefit from a complete waiver of late fees exceeding five hundred rupees. The aim is to encourage timely submission of the final return, FORM GSTR-10, and ease the financial burden on taxpayers who may have missed the initial deadline.
Relief Measures
The extension of the GST amnesty scheme until August 31, 2023, comes as a sigh of relief for eligible taxpayers who were facing challenges in meeting the initial deadline. By allowing more time for compliance and providing an opportunity to rectify past errors, the scheme encourages taxpayers to come forward and fulfill their GST obligations. If you are eligible for the amnesty scheme, make the most of this extension by filing your pending returns and be compliant. Don’t miss this chance to rectify past errors and maintain compliance with the GST Act. Consult SetIndiaBiz today and ensure that you file your pending returns and necessary steps are taken within the extended period. Let the experts handle your compliance matters while you focus on your business growth and success.

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