Section 73 and 74 proposed to be deleted…applicable only till 2023-2024

New Section 74A added for assessments from 2024-2025 onwards in place of section 73 and 74

Time limit to issue SCN is 42 months from due date of GSTR-9

Fraud, wilful misstatement and suppression will be invoked for penalty

Proper officer to pass the order in 12 months from date of issuance of SCN

No penalty if tax and interest paid within 60 days from date of SCN- applicable for cases where penalty is levied for reasons other than fraud etc..

In case of fraud, suppression etc..Reduced Penalty shall be

15% penalty if tax and interest paid before Show cause notice

25% penalty if tax and interest paid with in 60 days from date of issuance of SCN

50% penalty if tax and interest paid with in 60 days from the date of order confirming the demand