Tax determination and recovery: new procedure, time limits and graded compounding options for post-amendment tax periods. The Act adds a new assessment route for tax not paid, short paid, erroneously refunded or input tax credit wrongly availed from Financial Year 2024-25 onward via section 74A, prescribing notice issuance limits, adjudication timelines with extension authority, staged compounding and penalty rates distinguishing fraud from non-fraud, and voluntary payment options to conclude proceedings. It also empowers non-recovery where a generally prevalent practice led to non-levy or short-levy, inserts section 11A for such non-recovery, and creates a waiver mechanism under section 128A for certain earlier tax periods subject to conditions and prescribed notification dates.
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Provisions expressly mentioned in the judgment/order text.
Tax determination and recovery: new procedure, time limits and graded compounding options for post-amendment tax periods.
The Act adds a new assessment route for tax not paid, short paid, erroneously refunded or input tax credit wrongly availed from Financial Year 2024-25 onward via section 74A, prescribing notice issuance limits, adjudication timelines with extension authority, staged compounding and penalty rates distinguishing fraud from non-fraud, and voluntary payment options to conclude proceedings. It also empowers non-recovery where a generally prevalent practice led to non-levy or short-levy, inserts section 11A for such non-recovery, and creates a waiver mechanism under section 128A for certain earlier tax periods subject to conditions and prescribed notification dates.
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