The Union Finance Minister Nirmala Sitharaman presided over the 53rd meeting of the GST Council (22nd June 2024) in New Delhi with the Revenue Secretary and CBIC Chairman. The meeting began at 2:00 PM, but, the Finance Minister addressed the public in the evening.
Revisions in Section 73 and Section 74 of CGST Act, 2017 and insertion of a new Section 74A in CGST Act, to deliver for common time limit for issuance of demand notices and orders irrespective of whether the matter engages fraud, suppression, willful misstatement, etc., or not: Currently, there is a variation in the time limit for issuing demand notices and demand orders, in matters where charges of fraud, suppression, willful misstatement, etc., are not engaged, and in matters where those charges are concerned.
The GST council to ease the execution of those provisions suggested to furnish for a common time limit for the issuance of the demand notices and orders for the demands for FY 2024-25 onwards, for the matters that comprise charges of fraud or wilful misstatement and not engaging the charges of the fraud or the wilful misstatement, etc.
The time restriction has surged from 30 days to 60 days for the assessee to claim the advantage of the reduced penalty via paying the tax demanded including the interest.
The proper officer is needed to issue the show-cause notice three months before the time limitation. The maximum time limitation for the order of payment is 3 years from the deadline for filing of annual return for the year to which the amount is associated.
