100% Penalty imposed on wrong ITC availment u/s 74 GST Act without Recording Reasons: Madras HC remands for Reconsideration on 10% Pre-deposit [Read Order]

The bench acknowledged evidence of payment amounting to Rs. 4,78,573/- for the wrongful ITC availment, citing a circular by the CBIC to argue against levying interest which was relied on by the petitioner
madras high court - GST - GST Act - ITC - Input Tax Credit - Section 74 - TAXSCAN

In a recent ruling, the Madras High Court ruled the imposition of a 100% Goods and Services Tax ( GST ) penalty for erroneous Input Tax Credit ( ITC ) under Section 74 of the GST Act. The court noted with concern that the penalty was imposed without adequate reasons provided. Jayasri Traders, the petitioner…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1599 + GST for 1 year

Subscribe Now