{"id":70264,"date":"2024-10-21T08:13:36","date_gmt":"2024-10-21T02:43:36","guid":{"rendered":""},"modified":"2024-10-21T08:13:36","modified_gmt":"2024-10-21T02:43:36","slug":"wrongly-availed-itc-not-utilized-interest-penalty-quashed-by-court-under-gst-act","status":"publish","type":"post","link":"https:\/\/goodsandservicetax.in\/GST\/?p=70264","title":{"rendered":"Wrongly availed ITC not utilized, interest &#038; penalty quashed by court under GST Act."},"content":{"rendered":"<p>Wrongly availed ITC not utilized, interest &#038; penalty quashed by court under GST Act.<br \/>Case-Laws<br \/>GST<br \/>The petitioner challenged the levy of interest and penalty for wrongly availing and utilizing Input Tax Credit (ITC). The court held that unless ITC is wrongfully availed and utilized, interest cannot be levied u\/s 50(3) of the GST Act, as amended retrospectively by the Finance Act 2022. The petitioner had debited its credit ledger for the wrongly availed ITC but did not utilize it. The co<\/p>\n<p align=\"center\">=  =  =  =  =  =  =  =<\/p>\n<p align=\"center\"><strong>Plain text (Extract) only<\/strong><BR>For full text:-<a href=\"https:\/\/www.taxtmi.com\/highlights?id=82447\">Visit the Source <\/a><\/p>\n<p align=\"center\">=  =  =  =  =  =  =  =<\/p>\n","protected":false},"excerpt":{"rendered":"<p> Case-Laws &#8211; GST &#8211; Highlights &#8211; The petitioner challenged the levy of interest and penalty for wrongly availing and utilizing Input Tax Credit (ITC). The court held that unless ITC is wrongfully availed and utilized, interest cannot be levied u\/s 50(3) of<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-70264","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/70264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=70264"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/70264\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=70264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=70264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=70264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}