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.

Determination of tax evasion triggers notice requiring tax, interest and penalty with pre and post notice settlement options.

Determination of tax not paid, short paid, erroneously refunded or input tax credit wrongly availed or utilised due to fraud, wilful misstatement or suppression triggers service of a show cause notice by the proper officer requiring payment of tax, interest under section 50 and a penalty equivalent to the tax. Voluntary pre notice payment with a reduced penalty prevents issuance of notice for that amount; settlement options after notice or order, if exercised within the specified short periods, conclude proceedings. The proper officer must issue the resultant order within the statutory time limit.