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From November 1, GST authority got the power to waive penalty and interest.
The government has published a notification regarding changes in the Goods and Services Tax (GST) law. Along with this, the GST authority has been given the right to waive interest and penalty on the outstanding tax. The Central Board of Indirect Taxes and Customs (CBIC) said in a statement that this change will be effective from November 1. The government had published a notification regarding amendment in the rules under section 128A in this regard. It is noteworthy that the fine or fee under Section 128 has been waived.
The amendment was also accepted by the GST Council. A decision in this regard was taken in the recently held 53rd meeting of the Council. Its purpose was to reduce tax applications. In cases where tax evasion has not been committed intentionally or there has been a misinterpretation of the law or industry practice. Union Finance Minister and Council Chairperson Nirmala Sitharaman said, our aim is to make GST simple, straightforward and burden-free.
A notification was also issued by the GST Council regarding any missed claim of Input Tax Credit (ITC) during the specified period and a provision enabling business improvement. The implementation of which has been implemented from 27th September. This step was taken to reduce the risk of disputes or ineligibility of previous ITC. These combined changes indicate that the government is committed to making GST more effective, removing compliance barriers and making it business friendly.