SRINAGAR: The Kashmir Trade Alliance (KTA) has expressed its support for the newly introduced Amnesty Scheme under the GST law, which provides significant relief to traders facing historical tax disputes.*
The scheme, implemented through the Finance Act (No. 2) of 2024 and incorporated under Section 128A of the Central Goods and Services Tax Act, 2017, offers a conditional waiver of interest and penalties for demand notices covering the period from July 2017 to March 2020.
KTA President Aijaz Shahdhar in a statement issued here emphasized the scheme’s importance for the trading community in a recent press statement. He noted that the Central Government has established clear guidelines for accessing these benefits through Rule 164 of the Central Goods and Services Tax Rules, 2017, which was introduced on October 8, 2024. Further detailed guidance was provided through Circular No. 238/32/2024 on October 15, 2024.
Shahdhar encouraged businesses that have received show cause notices (SCN) for non-payment or short payment of tax, wrongful availment of Input Tax Credit (ITC), and cases under Section 73(1), as well as statements issued in Form DRC-02, to take advantage of this opportunity.
Additionally, KTA has urged the Commercial Tax Department to conduct awareness campaigns to educate the trading community about the recent updates and compliance procedures under the amnesty scheme.