GST Amnesty Scheme for Pending GSTR-4 Returns.
In the 49th GST Council meeting held on February 18, 2023, the council recommended an amnesty scheme for taxpayers with pending GSTR-4 returns. The scheme aims to offer conditional waiver or reduction of late fees to help taxpayers clear their pending returns. CBIC Issues Notification to Implement Amnesty Scheme The CBIC has issued the Notification 2/2023, to bring the amnesty scheme into effect. The notification outlines the benefits and conditions for availing the scheme. This Notification amends earlier Notification 73/2017 and inserts a new proviso to waive late fees payable in excess of Rs 500/- under Section 47 of the CGST Act by a registered taxpayers for failure to furnish the return in Form GSTR-4 for the perid July 2017 to March 2022 by the due date. Further, such late fee is fully waived where the total amount of central tax payable in the Form GSTR-4 is NIL. To avail the amnesty, the taxpayer has to file all the pending returns in Form GSTR-4 during the period from April