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of <h1>Section 74A: Tax Discrepancies from 2024-25 Onwards; Notice Issuance and Penalties Explained for GST Compliance.</h1> Section 74A of the Central Goods and Services Tax Act, 2017, addresses tax discrepancies from the financial year 2024-25 onwards. It mandates that a proper officer issue a notice if taxes are unpaid, underpaid, erroneously refunded, or if input tax credit is wrongly availed or utilized, provided the amount exceeds one thousand rupees. The notice must be issued within 42 months of the relevant annual return's due date. Penalties vary based on the nature of the discrepancy, with higher penalties for fraud or willful misstatements. Taxpayers can resolve issues preemptively by paying due amounts and interest, potentially avoiding penalties.
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