Goods and Services Tax – Started By: – BalKrishan Rakheja – Dated:- 17-4-2018 Last Replied Date:- 19-4-2018 – A dealer availed ITC amounting to ₹ 5.25 Crore of CGST in the month of July 2017 as input tax credit without receiving the goods and also availed the same amount as transitional credit in the month of Sept 2017 in respsect of stock held with the excise invoices. As the ITC credit availed in the month of July 2017 was not available therefore he was asked to reverse the same immediateley. But he reversed the same in the month of February 2018 from the IGST Credit. Moreover he utilized this amount (wrongly credit availed in July 2017) for payment of duty of output tax in the month of October and November 2017. Now the question i
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interest is chargeable even if taken but not utilized. You have taken and used both wrongly.(3) Yes. (4) The dealer will have to pay GST in cash as no credit was legally available to dealer. In case the dealer deposits due GST along with interest on his own i.e. without show cause notice he will get the benefit of reduced penalty. – Reply By YAGAY AND SUN – The Reply = We understand that It is very grave offence. Please check the appended News. Chartered Accountant and Excise Officer Arrested for Wrongful IPT Claim worth 52 CroreA Chartered Accountant and an excise and taxation department officer (ETO), namely Rajesh Arora and Gaurav Bahal have been arrested in Gurugram for claiming wrongful input tax credit claim worth 52 crore rupees, re
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