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of <h1>Rule 121: Wrongly availed credit under Rule 117(3) to face recovery proceedings under sections 73, 74, or 74A.</h1> Under Rule 121 of the Central Goods and Services Tax Rules, 2017, any credit wrongly availed under sub-rule (3) of Rule 117 is subject to verification. If such a discrepancy is found, proceedings under sections 73, 74, or 74A will be initiated to recover the wrongly availed credit, whether in full or in part. This provision ensures that any incorrect credit claims during the transitional period are addressed through appropriate legal channels. The rule was updated by a notification effective from November 1, 2024, to include section 74A in the proceedings.
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