Amendment of section 74

In section 74 of the Principal Act, - (i) for the marginal heading, the following marginal heading shall be substituted, namely: - "Determination of tax, pertaining to the period up to Financial Year 2023-24, not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized by reason of fraud or any wilful misstatement or suppression of facts.". (ii) after sub-section (11), the following sub-section shall be inserted, namely: - "(12) The provisions of this section shall be applicable for determination of tax pertaining to the period up to Financial Year 2023-24.". (iii) the Explanation 2 shall be omitted.