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of <h1>New Tax Rules: Section 74A Targets Unpaid Taxes and Input Tax Credit Errors, Effective November 2024, with Penalty Guidelines</h1> Section 74A of the Central Goods and Services Tax Act, introduced by the Finance (No. 2) Act, 2024, addresses the determination of unpaid, short-paid, or erroneously refunded taxes, and wrongly availed or utilized input tax credits from the financial year 2024-25 onwards. It mandates that a proper officer issue a notice within 42 months for such discrepancies, except when amounts are below one thousand rupees. Penalties vary based on whether the issue involves fraud or willful misstatement. The section outlines procedures for voluntary payment by the taxpayer, reducing penalties if settled before notice issuance. The section becomes effective from November 1, 2024.
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