{"id":70773,"date":"2025-01-16T08:17:50","date_gmt":"2025-01-16T02:47:50","guid":{"rendered":""},"modified":"2025-01-16T08:17:50","modified_gmt":"2025-01-16T02:47:50","slug":"hc-allows-transitional-credit-carry-forward-but-interest-payable-quashes-penalty","status":"publish","type":"post","link":"https:\/\/goodsandservicetax.in\/GST\/?p=70773","title":{"rendered":"HC allows transitional credit carry forward but interest payable, quashes penalty."},"content":{"rendered":"<p>HC allows transitional credit carry forward but interest payable, quashes penalty.<br \/>Case-Laws<br \/>GST<br \/>The HC held that transitional Cenvat Credit carried forward qualifies as &#8220;input tax credit&#8221; under the CGST Act. Interest u\/s 50(3) is payable for wrongly availing and utilizing such credit. However, imposing penalty u\/s 122(2)(b) read with 74(1) requires evidence of fraud or willful misstatement, which was absent as the petitioner acted under a bona fide belief. While upholding interest liab<\/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=84905\">Visit the Source <\/a><\/p>\n<p align=\"center\">=  =  =  =  =  =  =  =<\/p>\n","protected":false},"excerpt":{"rendered":"<p> Case-Laws &#8211; GST &#8211; Highlights &#8211; The HC held that transitional Cenvat Credit carried forward qualifies as &#8220;input tax credit&#8221; under the CGST Act. Interest u\/s 50(3) is payable for wrongly availing and utilizing such credit. However, imposing penalty u\/s 122<\/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-70773","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/70773","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=70773"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/70773\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=70773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=70773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=70773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}