SRINAGAR, OCTOBER 23: The Kashmir Trade Alliance (KTA) has welcomed the recently introduced Amnesty Scheme under the GST law, which offers significant relief to traders dealing with historical tax disputes.
The scheme, implemented through the Finance Act (No. 2), 2024, and incorporated under Section 128A of the Central Goods and Services Tax Act, 2017, provides a conditional waiver of interest and penalties for demand notices covering the period from July 2017 to March 2020.
KTA President Aijaz Shahdhar, in a press statement, highlighted the scheme’s importance for the trading community. The Central Government has established clear guidelines for accessing these benefits through Rule 164 of the Central Goods and Services Tax Rules, 2017, introduced on October 8, 2024. Further detailed guidance was released through Circular No. 238/32/2024 on October 15, 2024.Shahdhar said that KTA is actively encouraging businessmen who have received show cause notices (SCN) for non-payment or short payment of tax, wrongful availment of Input Tax Credit (ITC), cases under Section 73(1), and statements issued in Form DRC-02 to take advantage of this opportunity.
KTA has called upon the Commercial Tax Department to conduct awareness campaigns to educate the trading community about the recent updates and compliance procedures under the amnesty scheme.
