GST amnesty scheme will be easy, those with cancelled registration can get a chance
Businesses that have been unable to benefit from the amnesty scheme due to the termination of their GST registration will soon be able to do so. According to sources, the Finance Ministry is considering restoring such traders’ registration.
On August 31, the GST amnesty programme will come to an end. Those businessmen whose registration has been revoked due to non-filing of returns are currently in a state of anxiety. The deadline for filing an application for registration reactivation has gone as well. There are almost 8 lakh of these entrepreneurs.
The amnesty programme was established in May to help people avoid late fees. However, businesspeople whose registrations were cancelled before February 2021 will not be able to reactivate their accounts after 90 days. To get the cancellation lifted, they must file a departmental appeal, which is a lengthy and inconvenient process. In light of these issues, a group of more than a half-dozen tax specialists has written to the Finance Ministry, requesting assistance as soon as possible.
Read Also: GST Amnesty Scheme 2021
In fact, the government has invalidated over 16 lakh GST registrations in the last year as a result of its tough stance. There were also more than half of the non-filers. However, CNBC Awaaz has learned from sources that the Finance Ministry is giving the GST registrations that were deleted during the Corona period a second look so that small traders can reclaim their footing through the Amnesty scheme.
Disclaimer:The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.
For Advertising with us-
- Mail us at [email protected]
- Whatsapp us at +91-7024984925