After a slew of GST demand notices, the industry is keen on an amnesty scheme in the interim budget, though experts are divided on the issue. Last year, goods and services tax (GST) authorities issued notices for around Rs 1.45 lakh crore to 1,500 businesses, reports said. “The government should come out with an amnesty scheme in a similar line as done in pre-GST regime i.e. relaxation in tax liability with no interest and penalty.”Another expert: “An amnesty scheme is not without its pitfalls. “If an amnesty scheme is announced now, taxpayers would opt for settling the notices involving procedural issues,” he said.

Source: The Telegraph January 22, 2024 11:39 UTC