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Informative

GST Demand Notices to be Issued under newly Inserted Sec. 74A Starting FY 2024-25 for ‘Any Reason’: Finance Bill 2024

Update / Judgement Date

23 Jul 2024

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Corporate ComplianceGST

The Finance Bill 2024 introduces Section 74A to the GST Act, which mandates the issuance of demand notices for non-compliance starting from the fiscal year 2024-25. This new section is designed to address GST-related discrepancies for any reason, not limited to fraud or willful neglect. The amendment aims to streamline the process of enforcing GST compliance by making it mandatory for tax authorities to issue demand notices under this provision. It represents a significant shift towards ensuring that GST obligations are met more rigorously and transparently.