GST 2024 Amnesty Scheme Announced: Section 128A for Interest and Penalty Waiver Effective from November 1, 2024

The 2024 GST Amnesty Scheme, effective from November 1, 2024, introduces Section 128A, which provides relief by waiving interest and penalties for late tax payments. This scheme applies to businesses with outstanding GST dues, offering them an opportunity to regularize their compliance by paying the principal amount without facing heavy penalties. It is part of a broader effort to improve compliance and reduce litigation by offering taxpayers a clean slate. The scheme is expected to encourage more businesses to settle their pending GST obligations without fear of punitive action.