- The Indian government has introduced a GST amnesty scheme to provide relief and encourage compliance for businesses facing challenges in complying with GST regulations.
- The scheme allows taxpayers to file their pending GSTR-10 Final Returns before 30th June 2023 and provides benefits such as a waiver of late fees and reinstatement of compliance status.
- The GSTR-10 Final Return is a declaration of closing stock held by the taxpayer on the cancellation date and any liabilities or credits associated with it.
- Filing the GSTR-10 Final Return within the stipulated timeframe is crucial for businesses to avoid legal consequences, settle pending GST liabilities, and maintain a clean compliance record.
- Businesses are encouraged to take immediate action to file their pending returns before the deadline and contribute to a transparent and accountable tax system.
Source Taxguru
