https://www.taxtmi.com/article/detailed?id=12816 A new GST provision replaces earlier assessment sections and centralises show-cause notices and demand orders from FY 2024-25, extending the window to issue notices and to pass orders thereafter. Proceedings will be initiated against both genuine and fraudulent taxpayers under the same procedural regime, with the only statutory difference being distinct maximum penalty ceilings for genuine versus fraud cases. The extended assessment period increases interest exposure and litigation risk for compliant taxpayers who must contest penalty classification to obtain the lower penalty ceiling. en-us Wed, 24 Jul 2024 16:14:56 +0530 Wed, 24 Jul 2024 16:14:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12816 A new GST provision replaces earlier assessment sections and centralises show-cause notices and demand orders from FY 2024-25, extending the window to issue notices and to pass orders thereafter. Proceedings will be initiated against both genuine and fraudulent taxpayers under the same procedural regime, with the only statutory difference being distinct maximum penalty ceilings for genuine versus fraud cases. The extended assessment period increases interest exposure and litigation risk for compliant taxpayers who must contest penalty classification to obtain the lower penalty ceiling. Articles Goods and Services Tax - GST Wed, 24 Jul 2024 16:14:56 +0530 https://www.taxtmi.com/article/detailed?id=12816