In a significant relief to taxpayers, the Central Board of Indirect Taxes and Customs (CBIC) has announced the extension of the GST Amnesty Scheme. Taxpayers who have not filed their GSTR-9 and GSTR-9C returns for the financial years from 2017-18 to 2022-23 can now file them with substantially reduced late fees. This extension gives a golden opportunity to clear backlogs without facing heavy penalties. Affected businesses should assemble their data and act swiftly before the final deadline of June 30, 2024.

Impact and Action Required

Given the rapidly evolving regulatory landscape, this update may significantly impact your standard compliance flows. Our analysts recommend immediately verifying your internal accounts against the new standards. Reach out to our specialized advisory desk for a custom consultation regarding this change.