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S. 128A Notified: No Interest & Penalty for Tax demanded from FY 2017-18 to 2019-20 | CA. Bimal Jain

S. 128A Notified: No Interest & Penalty for Tax demanded from FY 2017-18 to 2019-20 📢 Important Facts to Note: • S. 128A notified w.e.f November 1, 2024 📅. • No Interest and/or Penalty for Tax demanded u/s 73 of the CGST Act from FY 2017-18 to 2019-20 🚫💰. • Coverage U/S 128A of the CGST Act: SCN is issued u/s 73(1) or statement issued u/s 73(3) and where no adjudication order is passed u/s 73(9) 📄. Adjudication Order is passed u/s 73(9) – Filed Appeals to Appellate Authority or pending with Revisional Authority and where no Appellate order is passed u/s 107(1) ⚖️. Appellate Order is passed u/s 107(11) or 108(1) and where no order is passed by GST Appellate Tribunal u/s 113(1) of the CGST Act 🏛. Adjudication order passed u/s 74, where the appellate authority or Tribunal or Courts have held that the demand is not sustainable u/s 74, but only u/s 73, and the issue is pending before the adjudicating authority to re-determine the demand u/s 73 🔄. Condition to avail benefits U/S 128A of the CGST Act: ✅ Registered Person to pay the full amount of tax payable as per the notice or statement or order as mentioned supra on or before March 31, 2025 💵. Withdrawal of any Appeal or Writ by the taxpayer by the notified date ⏳. No further appeals allowed on the concluded matter ❌📜. Conclusion of Proceedings U/S 128A of the CGST Act: 🏁 If the demanded tax, including the revised tax amount (if any), is paid on or before March 31, 2025, all proceedings in respect of the said notice, statement, or order as applicable, shall be deemed to be concluded 🎯. Detailed Procedure & Mechanism to follow U/S 128A of the CGST Act: 📝 Rule 164 in CGST Rules, 2017, along with certain Forms, Circulars will be issued for providing the procedure and conditions for availment of benefit of waiver of interest or penalty or both 🛠. Section 128A is not applicable: Where interest and/or penalty have already been paid, no refund shall be available ❌💰. In case of any amount payable by the person on account of an erroneous refund 🚫. ____________________________________________________ Key Highlights of 54th GST Council meeting [Download Press Release] Read More at: https://www.a2ztaxcorp.com/key-highli... __________________________________________________ Dear Friends & Colleagues, Our book on Goods and Services Tax, titled, "GST LAW AND COMMENTARY – WITH ANALYSIS AND PROCEDURES", by Bimal Jain & A2Z Taxcorp LLP, 9th Edition (September 2024), updated with the Finance (No.2) Act, 2024, is launched in the market. 📚 Order your Copy at: https://www.a2ztaxcorp.in/gst-law-and... 💥 Complete Walk-through of the Book: https://a2z-bucket.s3.amazonaws.com/F... Highlights of the Book: ⭐️ Vol 1: Detailed commentary (with updated provisions, rules, circulars, etc.) on various domains of GST laws & provisions viz. Supply of goods or services – intra-state and inter-state. Concept of Composite and Mixed Supply, Composition Dealer, Taxable person and registration, GST Input Tax Credit (ITC), reverse charge mechanism, valuation of supply of goods and services etc., with practical case studies and illustrations & FAQs for conceptual clarity. ⭐️ Vol 2: Detailed commentary on Principles of time of supply, place of supply, exports and imports, job work, TDS, TCS, constitution of the GSTAT, demand and recovery, inspection, search, seizure & arrest, and appeals & revision, under GST. ⭐️ Vol 3: Detailed commentary on offences, penalties, prosecution, compounding, payment, invoice, refund, e-way bill, along with relevant forms & their due dates, ‘e-invoicing’ and ‘QR code’ under GST. Way forward GST return system – sequential filing of GST returns, GST Returns filing & matching of GST ITC with tabular presentation of GSTR-9 and GSTR-9C, etc. Complete Guide and Manual for GST Rates of Goods or Services/ Exemptions of Goods or Service ⭐️ Vol 4: All updated CGST, IGST, UTGST and GST Compensation Cess Act and rules, Notifications, Circulars, Orders, Press Releases, various GST Forms, GST Council Meetings, etc. (With QR code access through Coupon code) 👨🏻‍💻 For more details: 📧: [email protected] - 📞: +91 9899632870