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of <h1>Penalties Imposed Under Section 114AC for Fraudulent Use of Input Tax Credit on Export Refunds</h1> Section 114AC of the Customs Act, 1962, introduced by the Finance Act, 2021, imposes penalties on individuals who fraudulently use input tax credit to claim refunds on duties or taxes for goods intended for export. If a person obtains an invoice through fraud, collusion, misstatement, or suppression of facts to utilize input tax credit for such claims, they are subject to a penalty up to five times the amount of the refund claimed. The term 'input tax credit' is defined as per the Central Goods and Services Tax Act, 2017.
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