TaxTMI Login
🎉 Festive Offer: Flat 15% off on all plans! →⚡ Don’t Miss Out: Limited-Time Offer →
TaxTMI 
Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>New Section 114AC in Customs Act Imposes Penalties for Fraudulent Input Tax Credit Claims on Export Refunds</h1> Section 114AC is added to the Customs Act, addressing penalties for fraudulent use of input tax credit. If a person obtains an invoice through fraud, collusion, willful misstatement, or suppression of facts to utilize input tax credit for discharging duties or taxes on goods exported under a refund claim, they face a penalty up to five times the refund claimed. The term 'input tax credit' is defined as per clause (63) of section 2 of the Central Goods and Services Tax Act, 2017.
TaxTMI 
