Determination of tax, pertaining to the period up to Financial Year 2023-24, 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, pertaining to the period up to Financial Year 2023-24, 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. https://www.taxtmi.com/acts?id=24040 Determination of tax involving fraud, wilful misstatement or suppression of facts requires a show cause notice demanding tax, interest under section 50 and a penalty equivalent to tax; the officer must issue notice at least six months before the time limit, may serve supplementary statements for related periods, and assessments must be completed within five years from the annual return due date or erroneous refund date. Staged pre payment options with specified reduced penalties allow conclusion of proceedings if paid within prescribed timelines, and certain proceedings (including prosecution/confiscation) are excluded from the phrase concluding proceedings. en-us Mon, 27 Mar 2017 17:27:15 +0530 Thu, 25 Sep 2025 17:22:29 +0530 TaxTMI RSS Generator Determination of tax, pertaining to the period up to Financial Year 2023-24, 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. https://www.taxtmi.com/acts?id=24040 Determination of tax involving fraud, wilful misstatement or suppression of facts requires a show cause notice demanding tax, interest under section 50 and a penalty equivalent to tax; the officer must issue notice at least six months before the time limit, may serve supplementary statements for related periods, and assessments must be completed within five years from the annual return due date or erroneous refund date. Staged pre payment options with specified reduced penalties allow conclusion of proceedings if paid within prescribed timelines, and certain proceedings (including prosecution/confiscation) are excluded from the phrase concluding proceedings. Act-Rules GST Mon, 27 Mar 2017 17:27:15 +0530 https://www.taxtmi.com/acts?id=24040