https://www.taxtmi.com/article/detailed?id=12824 A new unified adjudication regime under Section 74A applies from Financial Year 2024 25, replacing the bifurcation of Sections 73 and 74 for future periods by prescribing a single limitation period for issuance of show cause notices and orders, tiered penalties distinguishing bona fide and mala fide cases, and procedural timelines. The Bill also excludes undenatured extra neutral alcohol used for manufacture of alcoholic liquor from central tax, inserts retrospective limited relief for Input Tax Credit claims for early years, empowers regularisation by notification for prevalent industry practices, and clarifies reverse charge/self invoice, appellate pre deposit caps, anti profiteering jurisdiction and insurance premium apportionment. en-us Fri, 26 Jul 2024 09:31:11 +0530 Fri, 26 Jul 2024 10:03:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12824 A new unified adjudication regime under Section 74A applies from Financial Year 2024 25, replacing the bifurcation of Sections 73 and 74 for future periods by prescribing a single limitation period for issuance of show cause notices and orders, tiered penalties distinguishing bona fide and mala fide cases, and procedural timelines. The Bill also excludes undenatured extra neutral alcohol used for manufacture of alcoholic liquor from central tax, inserts retrospective limited relief for Input Tax Credit claims for early years, empowers regularisation by notification for prevalent industry practices, and clarifies reverse charge/self invoice, appellate pre deposit caps, anti profiteering jurisdiction and insurance premium apportionment. Articles Goods and Services Tax - GST Fri, 26 Jul 2024 09:31:11 +0530 https://www.taxtmi.com/article/detailed?id=12824