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The GST Council may soon deliberate on providing amnesty from interest and penalties to small vendors who received tax notices based on UPI transaction data, according to Kotraswamy M, Commissioner of Central Taxes. Speaking at a grievance redressal and awareness seminar organized by Rotary Bangalore, JP Nagar, Kotraswamy said, "If this issue is being flagged because there are so many taxpayers, the GST Council can take a call, giving amnesty to them from interest and penalty. So, there is a s
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FAQ :
The GST Council may offer amnesty from interest and penalties to small vendors who received tax notices based on their UPI transaction data.
The notices were triggered by digital transaction trails, including UPI and bank transfers, used by tax officials to identify businesses exceeding GST registration thresholds.
Mandatory GST registration is required for the supply of goods with an annual turnover of Rs 40 lakh, and for the supply of services with an annual turnover of Rs 20 lakh.
Yes, the Finance Ministry has clarified that there are no plans to levy GST on UPI transactions, regardless of the amount.
An amnesty scheme could offer significant relief to small businesses facing unexpected tax demands and promote voluntary registration and compliance without penalties.
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