The Central Board of Indirect Taxes & Customs (CBIC) has extended the time limit for the issuance of orders for recovery of tax not paid or short paid or input tax credit wrongly availed or utilized for any reason other than fraud or willful misstatement or suppression of facts to evade tax. This applies to the financial years 2017-18, 2018-19, and 2019-20. The scrutiny of returns takes around 5 to 6 months, and Ward Incharges/Proper Officers are advised to ensure timely issuance of orders.
Source Taxguru
Latest Posts in "India"
- Delhi Police Busts Two Major GST Fraud Rackets, Eight Arrested for Fake Invoicing and Money Laundering
- GST 2.0 Reshapes India’s Premium Bike Market, Spurs Engine Downsizing and Strategic Shifts
- Maharashtra Cuts Aviation Fuel VAT, Easing Airline Costs Amid Iran War Disruptions
- Supreme Court Bars Uttar Pradesh from Levying VAT on Interstate Natural Gas Sales
- Are Liquidated Damages Under GST a Taxable Service or Mere Compensation for Breach?
