Input tax credit recovery governs excess credit wrongly distributed by an Input Service Distributor with interest and statutory determination procedures. Excess distribution of input tax credit by an Input Service Distributor in contravention of the rules governing distribution under section 20 is recoverable from the recipients to whom the credit was wrongly passed. The excess credit is to be recovered along with interest, and the machinery for determining the amount recoverable is to follow, as applicable, the procedures under sections 73 or 74, and section 74A where relevant, applied mutatis mutandis.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit recovery governs excess credit wrongly distributed by an Input Service Distributor with interest and statutory determination procedures.
Excess distribution of input tax credit by an Input Service Distributor in contravention of the rules governing distribution under section 20 is recoverable from the recipients to whom the credit was wrongly passed. The excess credit is to be recovered along with interest, and the machinery for determining the amount recoverable is to follow, as applicable, the procedures under sections 73 or 74, and section 74A where relevant, applied mutatis mutandis.
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