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…

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