Important Case -Interest & Penalty not leviable on wrongly availed ITC, reversed without utilization
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- Опубликовано: 18 июн 2024
- Important Judgment - Both, Interest & Penalty not leviable on wrongly availed ITC, reversed without utilization || CA (Adv) Bimal Jain
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🔥📛 Very Important GST Case on Input Tax Credit (ITC);
📢 No Penalty if ineligible ITC was availed and not utilised; Madras HC
➡️ The case involved a challenge to the levy of penalty under Section 74(1) and 74(5) of the CGST Act, 2017 for input tax credit wrongly claimed but not utilized and reversed after the issuance of a Show Cause Notice (SCN).
➡️ The revenue argued that penalty is applicable regardless of whether the credit was utilized or merely availed. However, the court ruled that Sections 73(1) and 74(1) of the CGST Act apply only when such credit was not only availed but also utilized for discharging the tax liability.
➡️ The court held that until it can be demonstrated that any tax was recoverable from the petitioner, a reflection in the electronic credit ledger cannot be treated as an "availment".
➡️ The court found that the imposition of penalty under the specific facts and circumstances of the case was unjustified. However, considering the petitioner had availed input tax credit, which was not eligible to be availed, a token penalty of Rs.10,000/- was imposed.
➡️ The Writ Petition was allowed, signifying that the court agreed with the petitioner's challenge to the levy of penalty.
✔️ MADRAS HC - M/s GREENSTAR FERTILIZERS LIMITED v. THE JOINT COMMISSIONER (APPEALS) [W.P.(MD)No.26254 of 2022]
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Excited to attend your lecture at kolkata tomorrow. we Welcome your sir
Thanks for your regular reasoned updates regards
Thank you for knowledge sharing ❤
Thank you sir for sharing this good judgement and update 👏👏
Superb explanation
Nice video sir...
Sir kya aggregate turnover me non gst supply ko include kiya jata hai
PO in his SCN should invariably be mentioned the violation of section 122
I have paid int and tax as notice as come under drc 1 but now it is exempt can i claim refund
Sir 🙏 16(4) की जिनकी Demand Gst portal पर upload है वो अब अगला step क्या ले please बताइए 🙏
Sir, I have paid tax amount in excess in 2018-19. Can I adjust with the excess amount to the tax period 2019-20. Pls answer sir
No. You can file refund application.
Thank you
Sir why even 10k. I have a case where such itc is just 3000 something but 73 11 says 10 k penalty!
Sir u told that unless it result to non payment or short payment of tax , sir non payment & short payment hoga kaise if the assessee pay the balance payment through Cash, or sir ap cash utilisation se pehele ka baat kr the h ?
Sir, If i had claimed ineligible credit in July 2017 and do not utilise it till the last date of issuance of notice u/s 74, then will it become my eligible credit for utilisations after that date ?
If yes, then isn’t penalty justified for wrongly availing credit ?
Yes, no one gonna touch 17-18 period after August due to 74 getting time barred.
We have itc mismatch of 13000 but not recieved any notice shall i pay it now through drc03 voluntarily withouth any interest or penalty ??
Yes. U can pay voluntarily.
If you have utilised it, interest is liable to pay.
Sir thoda Hindi me bhi bola kariye