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of <h1>Block Credit Restricts ITC Claims for Fraud, Detained, or Confiscated Goods Under GST Sections 74, 129, 130</h1> Block Credit refers to the restriction on claiming input tax credit (ITC) for taxes paid under specific circumstances outlined in sections 74, 129, and 130 of the GST provisions. Section 17(5)(i) specifies that ITC cannot be claimed for taxes determined under section 74, which deals with tax discrepancies due to fraud or willful misstatements, applicable up to the financial year 2023-24. Section 129 addresses the detention and release of goods in transit, while section 130 involves the confiscation of goods and penalties. These provisions are effective from November 1, 2024, as per the updated regulations.
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