Quick Summary
In a significant relief for taxpayers facing tax demands from prior financial years, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 21/2024Central Tax dated October 8, 2024, outlining the procedure and conditions for the waiver of interest, penalty, or both, in re
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FAQ :
The CBIC has notified a procedure for the waiver of interest, penalty, or both, on tax demands made under section 73 of the CGST Act for the financial years 2017-18, 2018-19, and 2019-20.
All registered persons who have received a notice, statement, or order under section 128A regarding tax demands for the financial years 2017-18, 2018-19, and 2019-20 are eligible.
For registered persons who have received a notice, statement, or order under section 128A, the deadline to pay the tax demand is March 31, 2025.
Yes, for taxpayers whose cases involve a notice under section 74 requiring tax redetermination, the waiver period extends up to six months from the date of the redetermination order issued under section 73.
The notification comes into effect on November 1, 2024.
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