BackGST Council meet: FM announces 'Amnesty Scheme' for small taxpayers, allows filing of returns with reduced late fee
'To provide relief to the small taxpayers and reduce the compliance burden for small taxpayers and medium taxpayers, an amnesty scheme has been recommended for reducing the late fee payable,' FM Sitharaman said
PremiumFinance Minister Nirmala Sitharaman on Friday recommended the 'Amnesty Scheme' for reducing late fees on returns in the 43rd GST Council meeting. The FM said that small taxpayers can file pending returns via the Amnesty Scheme.
"To provide relief to the small taxpayers and reduce the compliance burden for small taxpayers and medium taxpayers, an amnesty scheme has been recommended for reducing the late fee payable," the finance minister said post-GST-meeting held on Friday.
The finance minister added that the taxpayers will now be able to file their pending returns and avail the benefits of this Amnesty scheme with reduced late fees.
The FM said that the late fees have also been rationalised, and the decision to reduce the maximum amount of late fee for small taxpayers will come into effect for future tax periods.
Sitharaman said that "One of the biggest decisions today is the reduction of compliance burden of small taxpayers and medium-sized taxpayers. Late fee, Amnesty-related matters also decided upon".
About 89% of the GST taxpayers constitute small taxpayers, she added.
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