Section 74 - Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts.
Punjab Goods and Services Tax Act, 2017 Chapter XV DEMANDS AND RECOVERY
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Tax evasion by fraud triggers notice, interest and graded penalties with conditional settlement options under GST procedure. Where tax shortfall, erroneous refund or wrongfully availed input tax credit arises by reason of fraud or wilful misstatement or suppression of facts, the ... Summary
Tax evasion by fraud triggers notice, interest and graded penalties with conditional settlement options under GST procedure.
Where tax shortfall, erroneous refund or wrongfully availed input tax credit arises by reason of fraud or wilful misstatement or suppression of facts, the proper officer issues a notice requiring payment of the tax, interest under section 50 and a penalty equal to the tax; related periods may be covered by a deemed notice statement, voluntary pre-notice payment attracts a reduced penalty, and payment within prescribed post-notice or post-order windows concludes proceedings.
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