Maharashtra's GST Amnesty Scheme: A Crucial Relief for Defaulters

The Maharashtra government has launched an amnesty scheme waiving penalties and interest on GST liabilities from 2017-2020. Eligible defaulters paying dues by March 31, 2024, can benefit from the scheme. It covers Rs 54,000 crores, with the state aiming to recover 20% of disputed amounts.

The Maharashtra government has introduced an amnesty scheme aimed at waiving interest and penalties on pending Goods and Services Tax (GST) liabilities for the financial years ranging from 2017 to 2020, announced Deputy Chief Minister Ajit Pawar to the legislative assembly in Nagpur.

Eligible taxpayers who settle their dues between November 1, 2024, and March 31, 2024, will benefit from this initiative. The administration has already received 114,000 applications for the waiver.

The scheme encompasses a total of Rs 54,000 crores, including Rs 27,000 crores in actual unpaid dues and the remainder as levied interest and penalties. The Maharashtra State GST department has dispatched approximately 80,000 notices to taxpayers to apprise them of the amnesty's advantages.

Based on previous amnesty schemes, the government projects that 20 percent of the disputed funds will be recuperated, which equates to an anticipated collection of between Rs 5,500 and Rs 6,000 crores. This collected amount will be shared equally between the state and central government, noted Deputy CM Pawar.

(With inputs from agencies.)