Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India
41. Time limit for issuance of order for tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized by reason of fraud or any will full misstatement or suppression of facts
Section 73(9) of the CGST Act provides that the proper officer shall issue the order determining the amount of tax, interest and any penalty within a period of five years from the due date for filing of annual return for the year to which the tax not paid or short paid or input tax credit wrongly availed or utilized relates or, as the case may be, within three years from the date of erroneous refund.
Issue
The time limit for issuance of order under sub-section (8) is in excess of the time limit currently prescribed under the existing laws. Since all the transactions are nowadays online and compliance systems are designed with enough safeguards & cross tally. In such a tech-savvy environment, the time frame of 3 years is not warranted.
Suggestion
It is therefore suggested that the time limit be reduced to 12 months except for fraud, suppression etc. in which case it can be 3 years (as per limitation Act)
Read ICAI Suggestions on GST Act to Govt : July 2017
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