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Taxation Karnataka Ministry of Finance Karnataka Goods and Services Tax Act, 2017

Karnataka Goods and Services Tax (Amendment) Ordinance 2024

13-Nov-2024 | Karnataka Ordinance 02 of 2024

Government of Karnataka has introduced the Karnataka Goods and Services Tax (Amendment) Ordinance 2024, effective date will be notified.

Key Highlights of Ordinance:

- Insertion of New Section 74 A: From the Financial Year 2024-25 onwards, if GST is unpaid, underpaid, erroneously refunded, or if Input Tax Credit is wrongly claimed, the Proper Officer, upon assessment, will issue a notice to the taxpayer under this section.

- Insertion of New Section 128 A: Waiver of interest and penalty on the amount raised under the Section 73 notice for the period from 2017 to 2020.

- Modification of Section 9: Addition of words "and un-denatured extra neutral alcohol or rectified spirit used for manufacture of alcoholic liquor, for human consumption" after the words alcoholic liquor for human consumption.

For more detailed information, please refer to the specified document.

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