As per the GST law, under section 73 of the Central GST Act, the prescribed time limit for recovering dues is three years from the date of filing of GST annual returns. The extension is particularly beneficial for tax officials, enabling them to take appropriate action in instances of tax discrepancies, such as underpayment of taxes, improper use of tax credits, or incorrect tax refunds by the authorities. “For FY19, the initial deadline of 31 March 2024 has now been extended to 30 April 2024. For FY20, the original deadline of 30 June 2024 has been extended to 31 August 2024. Agarwal said that this extension grants the department extra time for issuing show cause notice.

Source: Mint December 29, 2023 13:11 UTC