Big Relief for Taxpayers: Budget 2024 Proposes New Section 128A to Waive GST Interest and Penalties

CA Umesh Sharma | Last updated: 05 August 2024

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Budget 2024 proposes a new Section 128A in GST laws, offering significant relief to taxpayers by waiving interest and penalties under specific conditions. This section aims to conclude pending proceedings and simplify tax compliance, particularly for cases involving non-payment or short payment of tax between July 2017 and March 2020, where fraud was not involved. Taxpayers must pay the principal tax amount to benefit from this waiver, with provisions for concluding cases and addressing notices issued under Section 74.

Arjuna (Fictional Character): Krishna, The Hon'ble Finance Minister has recently presented the budget for 2024, which has brought about many proposals of changes in the Tax laws, there have been talks about the proposed insertion of a new section, Section 128A, in the GST laws. Many taxpayers are co

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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CA Umesh Sharma

Partner

Name: - UMESH RAMNARAYAN SHARMA. Residential Address: - 16, Motisagar, Samarthnagar, Aurangabad. Ph :- 2332846. Mobile:9822079900. Head Office Address: - R.B.Sharma Co. Chartered Accountants. Block No 7-10, 2nd Floor, Shangri-La Complex, Samarth Nagar, Aurangabad. Ph :- 2332511,2338388. Email:- rbsha ... Read more

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