Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 50(3) governs interest where input tax credit is wrongly availed and utilised, and it prevails over the general rule in Section 50(1). The text states that the expression is not confined to fraudulent or bad-faith claims; any credit taken and used without entitlement falls within it. A mismatch between GSTR-3B and GSTR-2A may justify treating credit as ineligible, and Rule 88B(3) requires interest to be computed from utilisation until reversal or payment. Because the utilisation occurs through the electronic credit ledger, the cash-ledger limitation in Section 50(1) does not apply, and the levy of interest is sustained.
Section 50(3) governs interest where input tax credit is wrongly availed and utilised, and it prevails over the general rule in Section 50(1). The text states that the expression is not confined to fraudulent or bad-faith claims; any credit taken and used without entitlement falls within it. A mismatch between GSTR-3B and GSTR-2A may justify treating credit as ineligible, and Rule 88B(3) requires interest to be computed from utilisation until reversal or payment. Because the utilisation occurs through the electronic credit ledger, the cash-ledger limitation in Section 50(1) does not apply, and the levy of interest is sustained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
