The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 56/2023–Central Tax on December 28, 2023, to extend the time limit specified under Section 73(10) of the Central Goods and Services Tax Act, 2017 (“the CGST Act”). This extension pertains to the issuance of orders under Section 73(9) of the CGST Act, which involves the recovery of tax not paid, short paid, or input tax credit wrongly availed or utilized for the financial years 2018-19 and 2019-20.
In exercising the powers conferred by relevant sections of the CGST Act, the CBIC has partially modified previous notifications (No. 35/2020, No. 14/2021, No. 13/2022, and No. 09/2023) and extended the time limit for passing orders under Section 73. The extension is granted based on the recommendations of the Council and is applicable as follows:
(i) For the financial year 2018-19, the time limit for issuing orders is extended up to the 30th day of April 2024.
(ii) For the financial year 2019-20, the time limit for issuing orders is extended up to the 31st day of August 2024.
This extension provides additional time for the authorities to take necessary actions for the recovery of taxes or input tax credit related to the specified tax periods.
The Notification can be accessed at: https://a2z-bucket.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/250938.pdf