ITC indefeasible if not utilized, interest u/s 50(3) requires actual utilization (3).

ITC indefeasible if not utilized, interest u/s 50(3) requires actual utilization (3).Case-LawsGSTThe HC held that validly availed input tax credit (ITC) is indefeasible unless utilized improperly. The imposition of interest u/s 50(3) requires actual utili

ITC indefeasible if not utilized, interest u/s 50(3) requires actual utilization (3).
Case-Laws
GST
The HC held that validly availed input tax credit (ITC) is indefeasible unless utilized improperly. The imposition of interest u/s 50(3) requires actual utilization of the credit. Since the petitioner had not utilized the accumulated ITC after the cut-off date, the imposition of interest as per the impugned circular could not be justified. The petition was allowed.
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