Restriction on electronic credit ledger use to block fraudulent or ineligible input tax credits, with authority to lift restrictions. The amendment inserts rule 86A empowering the Commissioner or an authorised officer to disallow debit of amounts from the electronic credit ledger where there are recorded reasons to believe input tax credit was fraudulently availed or is ineligible, including credits based on invoices from non existent suppliers, credits without receipt of goods or services, credits where tax charged has not been paid to Government, or absence of prescribed documents; the authority must record reasons in writing, may later allow debit if satisfied conditions no longer exist, and such restriction ceases after one year from imposition.
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.
Restriction on electronic credit ledger use to block fraudulent or ineligible input tax credits, with authority to lift restrictions.
The amendment inserts rule 86A empowering the Commissioner or an authorised officer to disallow debit of amounts from the electronic credit ledger where there are recorded reasons to believe input tax credit was fraudulently availed or is ineligible, including credits based on invoices from non existent suppliers, credits without receipt of goods or services, credits where tax charged has not been paid to Government, or absence of prescribed documents; the authority must record reasons in writing, may later allow debit if satisfied conditions no longer exist, and such restriction ceases after one year from imposition.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
