CBIC Notifies Waiver Procedure for Interest and Penalty on Tax Demands u/s 73 of CGST Act for FY 2017-2020

The CBIC has issued a notification detailing the procedure for waiving interest and penalties on tax demands under Section 73 of the CGST Act for the financial years 2017-2020. This waiver aims to provide relief to taxpayers who faced difficulties in complying with tax demands due to various reasons. The notification outlines the conditions and process for applying for the waiver, including the submission of relevant documents and forms. This measure is expected to ease the compliance burden on taxpayers and promote voluntary compliance.