Speaks about tax not paid or short paid or erroneously refunded or Input tax wrongly availed or utilized not wilful misstatement or fraud. The GST officer may issue notice for the above at least prior to 3 months of time limit. If the assessee pays the amount of tax along with applicable interest as per section 50 of CGST ACT ( 18% interest per annum for short paid or not paid taxes and 24% interest per annum for wrong availment or utilization of GST Credit, no penalty will be levied.
Section 74 of CGST act
This section speaks about tax not paid or short paid , errorenously refunded of GST ITC credit wrongly availed or utilized by willful misstatement or fraud. The GST officer is to issue notice within 6 months of time limit. The assessee is to pay tax, interest as per section 50 of CGST credit ( 18% for not tax paid or short paid and 24% for wrong avaiment of GST Credit or utilied) plus 25% of tax amount as penalty within 30 days of serving notice
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