Benefits and mechanism of GST Amnesty Scheme
The Goods and Services Tax (GST) Council is considering a one-time amnesty scheme to facilitate an exit for ‘nil’ filers and non-filers. Let’s discussed what is GST Amnesty Scheme through this article.
As per the sources approximately there is 25 lakh ‘nil’ filer assessees while on an average 10 percent of assessees have never filed their returns so far.
These assessees do not contribute anything but add to the work of the tax system and therefore GST Amnesty Scheme has been introduced by the government for their exit.
In another words we can say that GST Amnesty Scheme can be a kind of gst late fees waiver scheme.
Source : The Hindu
The Author of this article can be emailed at pratibha_goyal@hotmail .com
Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information. In no event shall I shall be liable for any direct, indirect, special or incidental damage resulting from, arising out of or in connection with the use of the information
Source: https://studycafe.in/2018/12/benefits-and-mechanism-of-gst-amnesty-scheme.html
The Goods and Services Tax (GST) Council is considering a one-time amnesty scheme to facilitate an exit for ‘nil’ filers and non-filers. Let’s discussed what is GST Amnesty Scheme through this article.
Benefits and mechanism of GST Amnesty Scheme
What is GST Amnesty Scheme?
GST Amnesty Scheme is a one-time amnesty scheme to facilitate the exit of a certain category of registration holders who have not filed there GST returns till now.As per the sources approximately there is 25 lakh ‘nil’ filer assessees while on an average 10 percent of assessees have never filed their returns so far.
These assessees do not contribute anything but add to the work of the tax system and therefore GST Amnesty Scheme has been introduced by the government for their exit.
What are the benefits of GST Amnesty Scheme?
GST Amnesty Scheme will- bring down compliance cost of registration holder,
- will reduce pressure on the GST Network and
- encourage compliance under taxation laws
What is the mechanism adopted by the government to give the benefit of GST Amnesty Scheme?
Any registered entity not filing the return will have to pay penalty in the form of late fee. For late filing of GSTR 3B, the entity is obliged to pay a late fee of Rs. 50 a per day, that is, Rs. 25 per day in each case of CGST and SGST (in case of any tax liability) and Rs. 20 a day, that is, Rs. 10 in each CGST and SGST (in case of Nil tax liability) subject to a maximum of Rs. 5,000 from the given due date to the actual date when the returns are finally filed. GST Amnesty scheme is likely to give relief from such late fees.What can be backlogs of GST Amnesty Scheme?
- Timing of the scheme,
- immunity from penal consequences and
- commitment to not initiate any investigations for those who participate in such scheme
In another words we can say that GST Amnesty Scheme can be a kind of gst late fees waiver scheme.
Source : The Hindu
The Author of this article can be emailed at pratibha_goyal@hotmail .com
Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information. In no event shall I shall be liable for any direct, indirect, special or incidental damage resulting from, arising out of or in connection with the use of the information
Source: https://studycafe.in/2018/12/benefits-and-mechanism-of-gst-amnesty-scheme.html
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