Taxpayers who received GST demand notice for the financial years 2017-18, 2018-19 and 2019-20 can now pay their dues without interest and penalty.

However, the condition is that the tax-demand notice should be of non-fraud category. The government has also issued a notification for this. This scheme will be implemented for GST taxpayers from November 1.

This GST exemption scheme was announced by the government in the General Budget-2024. It is being seen as an attempt by the government to reduce tax disputes. This relief has been given by the government under the new section 128A of the GST Act, which allows GST authorities to introduce exemptions to reduce the compliance pressure on taxpayers.

According to the decision of the 53rd meeting of the GST Council, its purpose is to resolve disputes where tax demand notices have been issued due to tax liabilities arising out of misunderstanding of law or interpretations rather than deliberate evasion. To avail this exemption, the outstanding amount in the GST demand notice has to be paid by March 31, 2025.

How to pay?

Once you pay the entire due amount, the interest and penalty amount attached to it will be waived off and your settlement will be completed. This exemption is only for those GST demand notices from the financial year 2017-18 to 2019-20, which are non-fraud category. If someone has received GST demand notice due to fraud during this period, then he will not get the benefit of this scheme.

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The post GST Demand Notice: No need to pay interest and penalty on GST tax demand first appeared on Rightsofemployees.com.

If you live in a rented house or do some business work in a rented house, then there is a very important news for you, because now people living on rent will also have to pay 18% GST tax. As you know that now bills are made by adding GST to everything, but now 18% GST will be levied on the tenant’s rent as well.

Prashant Sinha, a chartered accountant from Ranchi, the capital of Jharkhand (director of Prashant Accountant and with over 10 years of experience), told Local 18 that last year, in the 47th GST Council meeting, a rule was made that now even tenants will have to pay 18% GST tax, but there are some conditions for this too.

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These people will not have to pay GST.

Prashant Sinha said that the tenant will have to pay 18% GST, but if the tenant lives on rent and uses his house personally, then he will not have to pay GST, but if he pays his rent. If he uses his house commercially and also his business is GST registered, then he will have to pay 18% GST tax.

This is a relief for people who use rented accommodation personally, but if you use it commercially then 18% will be charged, but you can also claim a return of that tax. This means that the tax will also be refunded to you on claiming, hence the tenants do not need to worry much about this.

The post Big Update for Tenant: People living on rent will have to pay 18% GST tax, details here first appeared on Rightsofemployees.com.