Sir/Madam
Section 50(3) has been amended as interest is payble only on the Wrongly availed and utilised ITC.
I want to know that if anyone availed ITC and not utilised the same. Is he liable for penalty under section 73 and 74. As there is still a word ' avail or utilise'.
How can we defend to waive off penalty ?
If anyone has not filed GSTR 9 , however, due date has been gone, Can he take benefit to waive penalty under Section 73 instead of section 74?
Should department charge penalty u/s 73 instead of section 74 till not filed GSTR 9?
Regards
Penalties for Unused ITC Under GST: Sections 73 & 74 Explained, Recent Amendments to Section 50(3) Highlighted A discussion on a forum addresses issues related to penalties for wrongly availed Input Tax Credit (ITC) under the Goods and Services Tax (GST). A user queries whether penalties apply if ITC is availed but not utilized, referencing Sections 73 and 74. Responses clarify that penalties can be levied even if ITC is not utilized, and emphasize the importance of consulting professionals for defense strategies. Amendments to Section 50(3) indicate interest is payable only on utilized ITC, and recent changes make these amendments retrospective from July 1, 2017. Non-filing of GSTR-9 incurs late fees, but doesn't directly affect penalties under Sections 73 or 74. (AI Summary)
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