respected sir,
notice under sec-74 is issued for a taxable person for FY 2019-20 based on audited P&I submitted along with FORM 9C, for payment of RCM in respect of expenditure incurred for transport charges, found in profit & loss account .it seems that , as the limitation period lapsed for issuing notice under sec-73, authorities opted for alternative route of issuing notice under sec-74.
whether notice under sec 74 is valid for non-payment of RCM? .please discuss sir
Debate on GST Notice Under Section 74 for RCM: Abuse of Power or Justified Action? A query was raised regarding the issuance of a notice under Section 74 of the GST Act for non-payment of Reverse Charge Mechanism (RCM) for the fiscal year 2019-20. The notice was issued after the limitation period for Section 73 had lapsed. Respondents argue that Section 74 requires proof of tax evasion through fraud or misrepresentation, which is not applicable here as the RCM is recorded in audited statements. Some believe the notice is an abuse of power and should be contested, while others highlight that Section 74's applicability depends on case specifics. The discussion emphasizes the importance of proper legal procedures and the burden of proof on authorities. (AI Summary)
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