The Union Finance Minister Nirmala Sitharaman addressed the 43rd meeting of the GST Council yesterday and after the meeting the minister announced the Amnesty Scheme dedicated to small GST taxpayers and also relaxed the late filing fee of income tax returns.
Sharing further details, the finance minister said that the taxpayers will now be able to file their pending returns and get the benefits of this Amnesty scheme with reduced late fees.
“Late fees have also been rationalised. The rationalised late fee and the decision to reduce the maximum amount of late fee for small taxpayers will come into effect for future tax periods. This will provide long-term relief to small taxpayers,” said Sitharaman during the media address.
She stated that the decision announced pertaining to the reduction of compliance pressure of small taxpayers and medium-sized taxpayers, is one of the highlights of the discussion at the GST Council meet. “Late fee, Amnesty-related matters also decided upon. To provide relief to small taxpayers, an Amnesty scheme recommended for reducing late fee payable in these cases,” she added.
