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In a significant relief to GST defaulters, the Indian government has amended Section 128A of the CGST Act under the GST Amnesty Scheme just ahead of the March 31, 2025 deadline. This timely amendment is aimed at easing compliance and offering one last chance for businesses to regularize their pending GST returns without heavy penalties.
The amendment under Section 128A now allows eligible taxpayers to file their pending returns for specific financial years while availing of reduced late fees and avoiding additional penalties. The government clarified that this relief is particularly meant for small businesses and MSMEs that missed filing due to financial hardship or operational disruptions.
This proactive step is expected to benefit lakhs of taxpayers and bring substantial additional revenue to the exchequer by encouraging voluntary compliance. The amendment applies to taxpayers who failed to furnish GSTR-4, GSTR-9, and GSTR-10 within specified deadlines, subject to conditions.
📌 SteelBazaar Insight:
Steel sector traders and fabricators who missed previous returns should act swiftly. This window could help regularize compliance before FY 2025–26 begins, reducing audit risks and restoring GST credentials.
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