Fraudulent input tax credit claims for refund can attract penalty up to five times the refund claimed. Penalty is prescribed where a person obtains an invoice by fraud, collusion, wilful misstatement, or suppression of facts and uses the resulting input tax credit to discharge duty or tax on goods entered for export under a claim for refund. The person is liable to a penalty not exceeding five times the refund claimed. The term input tax credit carries the meaning assigned under the Central Goods and Services Tax Act, 2017.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Fraudulent input tax credit claims for refund can attract penalty up to five times the refund claimed.
Penalty is prescribed where a person obtains an invoice by fraud, collusion, wilful misstatement, or suppression of facts and uses the resulting input tax credit to discharge duty or tax on goods entered for export under a claim for refund. The person is liable to a penalty not exceeding five times the refund claimed. The term input tax credit carries the meaning assigned under the Central Goods and Services Tax Act, 2017.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
