The Union Budget 2024 was presented in the Parliament by FM Nirmala Sitharaman on 23rd July 2024. A New Section 74A is inserted in the CGST Act.
Reetu | Jul 23, 2024 |
Budget 2024: Section 74A introduced for GST Adjudication merging Sections 73 and 74
The Union Budget 2024 was presented in the Parliament by FM Nirmala Sitharaman on 23rd July 2024. Various proposed changes have been considered and amended by the Finance Minister.
Clause 134 of the Bill is inserted Section 74A in the CGST Act, so as to provide for the determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason pertaining to the Financial Year 2024-25 onwards.
| Particulars | FY 2023-24 | FY 2024-25 | |
| Normal | Fraud | Same timelines for Fraud & Non-Fraud cases | |
| Notice | 33 months from Due Date of Annual Return | 54 months from Due Date of Annual Return | 42 months from Due Date of Annual Return |
| Order | 36 months from Due Date of Annual Return | 60 months from Due Date of Annual Return | 12 Months from due date of Notice |
It also provides for the same limitation period for issuing demand notices and orders in respect of demands from the Financial Year 2024-25 onwards, irrespective of whether the charges of fraud, wilful misstatement, or suppression of facts are invoked or not while keeping a higher penalty, for cases involving fraud, wilful misstatement, or suppression of facts.
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