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of <h1>New Section 114AC in Customs Act: Penalty up to 5x for Fraudulent Input Tax Credit Claims on Export Refunds</h1> Clause 87 of the Finance Bill, 2021 proposes the insertion of section 114AC into the Customs Act, introducing a penalty for fraudulent use of input tax credit. This penalty applies when an individual obtains an invoice through fraud, collusion, or misrepresentation to claim a refund on exported goods. The penalty imposed can be up to five times the refund amount claimed. The term 'input tax credit' is defined as per the Central Goods and Services Tax Act, 2017.
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