Amnesty under sec 128A read with rule 164 and circular 238/2024- Demystified
Based on the recommendations of the GST Council made in its 53rd meeting, Section 128A has been inserted in the CGST Act, 2017 with effect from 01.11.2024 to provide for waiver of interest or penalty or both, relating to demands under section 73 of the CGST Act pertaining to Financial Years 2017-18, 2018-19 and 2019-20, subject to certain conditions. Subsequently, based on the recommendations of the GST Council made in its 54th meeting, Rule 164 has been inserted in CGST Rules, 2017 with effect from 01.11.2024 vide notification No.20/2024-Central tax dated 8th October 2024 , providing for procedure and conditions for closure of proceedings under section 128A of CGST Act. Further, on top of this CBIC issued a Circular No. 238/32/2024-GST dated 15th October 2024 to demystify these new provision and rule, yet there are overlaps unavoidable in this circular as it traces underlying provision and rule as necessary. The FAQs is good value addition though. Over this blog, the procedures wit