TaxTMI 
TaxTMI 
Demand by reason of fraud or any willful-misstatement or suppression of facts pertaining to the period up to Financial Year 2023-24 [Section 74]
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....r officer shall issue a show cause notice(SCN) as to why the amount of tax should not be paid alongwith interest and penalty leviable thereon under the provisions of this Act and rules made thereunder. "suppression" shall mean non-declaration of facts or information which a taxable person is required to declare in the return, statement, report or any other document furnished under this Act or the rules made thereunder, or failure to furnish any information on being asked for, in writing, by the proper officer. (w.e.f. 01.11.2024 vide N.No. 17/2024 dated 27.09.2024) [ Omitted vide Finance (No.2) Act, 2024 ] Time limit for issue Of order [Section 74(2), (3) &(4) read with Section 74(10)] Time limit to issue SCN * The SCN is req....
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....on 74(5)] * The noticee liable to pay tax chargeable along with interest as per section 50 and Penalty equal to 15% of tax chargeable * such demand may be as ascertained either on his own or ascertained by the proper officer, and * on such payment, no notice shall be issued with respect to the tax so paid. * The proper officer is of the opinion that the amount paid is falls short of the amount actually payable, he shall proceed to issue the notice in respect of such amount which falls short of the amount actually payable. and * Penalty determined as according to provision mentioned under section 74(8) of CGST Act. In case SCN issued [Section 74(8)] * If make payment within 30 day of communication of SCN * the n....
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....and for wrong availment of input tax credit. [ Notification No. 22/2024 - Central Tax dated 08.10.2024 ] * Proper officer under sections 73 and 74 of the Central Goods and Services Tax Act, 2017 and under the Integrated Goods and Services Tax Act. [ See Circular No. 31/05/2018 - GST dated 09.02.2018 ] * Clarification on various issues relating to applicability of demand and penalty provisions under the Central Goods and Services Tax Act, 2017 in respect of transactions involving fake invoices. [ See Circular No. 171/03/2022-GST dated 06.07.2022 ] * ​​In case where a registered person "A" has issued tax invoice to another registered person "B" without any underlying supply of goods or services or both, w....