New Delhi: The Finance Ministry has extended the last date for availing the Goods and Services Tax (GST) amnesty scheme where taxpayers pay a reduced fee for late filing of monthly returns, till November 30, 2021.
Earlier the last date for submitting GST returns with reduced late fees was August 31, 2021.
“The Government had provided relief to the taxpayers by reducing or waiving late fee for non-furnishing Form GSTR-3B for the tax periods from July 2017 to April 2021, if the returns for these tax periods are furnished between June 1, 2021 to August 31, 2021,” a Finance Ministry notification said.
The Finance Ministry said that the extension was given on the basis of several representations received from establishments, who requested for more time to do the needful.
The due date of filing the application for revocation of cancellation of registration, has been extended till September 30, 2021. The actual date for it was August 31, 2021. The extension however would be applicable only in those cases where registrations have been cancelled under clause (b) or clause (c) of sub-section (2) of section 29 of the CGST Act.
Centre releases draft rules for withdrawal of retrospective tax demands
New Delhi: Days after bringing in the Taxation Laws (Amendment) Act 2021 – which scraps the rule that empowered the government to retrospectively (going as far back as 50 years) impose capital gains tax on assets located in the country but whose ownership had changed abroad – the Centre has released draft rules for the legislation.
The draft rules say that the government will not proceed with demands related to retrospective tax levy, provided that all companies with which such cases had been taken up, give an undertaking that they will withdraw all legal cases against it and will not pursue them in the future as well.
With this development, all the retrospective tax demand cases with companies like Cairn Energy and Vodafone Plc, in which the Centre was involved, will come to a close.AGENCIES