Quick Summary
The Central Board of Indirect Taxes and Customs (CBIC), through Notification No. 20/2024 Central Tax dated October 8, 2024, has introduced a significant amendment in the Central Goods and Services Tax (CGST) Act. The notification pertains to the insertion of Section 74A into various sections of the
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FAQ :
Section 74A of the CGST Act comes into effect from November 1, 2024.
The main purpose is to streamline the process of issuing tax demand notices and orders under the CGST framework and to standardise procedures for addressing tax demands.
Section 74A will be applicable alongside Sections 73 and 74 in CGST rules including Rule 88B, 88D, 96B, and 142.
Taxpayers now have an extended time limit of 60 days, up from the previous 30 days, to settle their tax dues with reduced penalties.
Section 74A introduces a common time limit across all cases, simplifying compliance for taxpayers and authorities and bringing uniformity and predictability to tax demand procedures.
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