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Benefit of reduced penalty
If I deposit tax before issuance of show cause notice, would I be entitled to the benefit of reduced penalty where the penalty is imposed under section 122(2)(b) of the CGST Act 2017.
Replies (1)
If you deposit the tax and interest before the issuance of a show-cause notice in a case involving fraud or suppression of facts, you may qualify for the reduced penalty of 15% of the tax amount as provided under Section 74(8) of the CGST Act. This payment acts as a settlement, and once the tax, interest, and this reduced penalty are paid, the proceedings related to the notice are deemed to be concluded.
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