Srinagar, October 23: he Confederation of All India Traders (CAIT) Kashmir Chapter, under the leadership of President Farhan Kitab, welcomes the Amnesty Scheme introduced through the Finance Act (No. 2), 2024, under the GST law. The scheme, introduced via Section 128A of the Central Goods and Services Tax Act, 2017, offers a conditional waiver of interest and/or penalties for demand notices from July 2017 to March 2020.
The procedure for availing of these waiver benefits was outlined by the Central Government on October 8, 2024, through the insertion of Rule 164 in the Central Goods and Services Tax Rules, 2017. Further clarification was provided in Circular No. 238/32/2024, dated October 15, 2024.
In a statement issued to the Kashmir Media Watch, CAIT Kashmir Chapter requests all traders who have received show cause notices (SCN) for non payment or short payment of tax, or wrongful availment or utilization of Input Tax Credit (ITC) under Section 73(1), or a statement issued in Form DRC-02, to utilize the benefits of this amnesty scheme.
Additionally, the CAIT Kashmir Chapter urges the Commercial Tax Department to organize awareness camps to educate traders about these updates and the procedures for compliance.
