‘Interest, penalty waiver should be extended to two more years’

Published - June 25, 2024 11:34 pm IST - MADURAI

Agro Food Chamber of Commerce and Industry said the GST Council recommendation for waiving interest and penalty for the fiscal years 2017-18 to 2019-20 was not sufficient and the waiver should be extended till 2021-22.

In a press statement, its president S. Rethinavelu said the Chamber had been demanding waiver of interest and penalty in the first five years of GST implementation i.e., from 2017-18 to 2021-22.

The trade and industry could breathe a sigh of partial relief as the GST Council had recommended waiver of interest and penalty for demand notices issued under Section 73 of the CGST Act for three fiscal years. The waiver should be extended to 2020-21 and 2021-22, which saw the outbreak of COVID-19, he said.

Most of the legal formalities under the GST Act and Rules could not be complied with by the the trade and industry during the COVID-19 years. Under such a situation, it was unfair to levy penalty and interest for any lapses on the part of assessees, he said.

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