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Customs, Central Excise & Service Tax Settlement Commission has been constituted as an Alternative Dispute Resolution Mechanism for expeditious settlement of Show Cause Notices issued under Customs Act/Central Excise Act/Service Tax.
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Usually, Goods and Services Tax (GST) department orders a GST audit when any discrepancy or suspicious activities like inconsistent GST return filing, significant mismatch between input tax credit claimed and output tax credit declared, etc. It follows it up with a report. Based on the findings of the audit it also issues a notice to the taxpayer.
Companies with head offices or branches abroad will not get any more show-cause notices (SCNs) regarding the GST dues for fiscal year 2017-18. The due date for the same was August 5. For the years subsequent to 2017-18, no new notices will be processed based on the June 26, 2024 circular.
Steelmaker JSW Steel Ltd said a penalty of ₹64.47 crore has been imposed by the Office of the Commissioner of GST and Central Excise, Belagavi Division. The penalty relates to the alleged non-payment of GST under the Reverse Charge Mechanism for mining rights payments in Karnataka during the period of July 2017 to July 2019.