Understanding the provisions of Sections 73, 74 or 74A

One of the more challenging aspects under the CGST Act, 2017 is not merely understanding the provisions of Sections 73, 74 or 74A, but also appreciating the consequential exposure to penalty at the different stages of the proceedings. The position often becomes difficult to grasp at a quick glance. In continuation of my previous post, I’m therefore pleased to share a concise tabular compilation providing an at-a-glance view of the penalty leviable under Sections 73, 74 and 74A of the CGST Act, 2017 at the various stages of the proceedings. I must clarify that the Table has not been prepared by me. It was shared in a Group of which I’m a member. However, I found the details to be neatly compiled and the presentation remarkably easy to follow. I therefore thought it appropriate to share it here for the benefit of the learned readers. In a lighter vein, I generally prefer my Presentations and compilations to remain in ‘black and white’ rather than colourful! I hope the compilation will be found to be a useful ready reference for professionals and taxpayers alike.