https://www.taxtmi.com/forum/issue?id=113496 Section 50(3) imposes interest on undue or excess claims of input tax credit irrespective of utilization: interest is chargeable on the mere claim of excess ITC whether availed or used. "Claimed" is operationally defined by conditions such as invoice timeliness, receipt of inputs, eligibility under section 17(5), and payment; once claimed and recorded (availed) in books and returns, the taxpayer is exposed to interest and penalty, with separate offences possible for wrongful claim and wrongful availment (eg, incorrect TRANS-1). en-us Mon, 19 Mar 2018 11:38:20 +0530 Thu, 23 Jan 2025 15:55:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=113496 Section 50(3) imposes interest on undue or excess claims of input tax credit irrespective of utilization: interest is chargeable on the mere claim of excess ITC whether availed or used. "Claimed" is operationally defined by conditions such as invoice timeliness, receipt of inputs, eligibility under section 17(5), and payment; once claimed and recorded (availed) in books and returns, the taxpayer is exposed to interest and penalty, with separate offences possible for wrongful claim and wrongful availment (eg, incorrect TRANS-1). Discussion-Forum GST Mon, 19 Mar 2018 11:38:20 +0530 https://www.taxtmi.com/forum/issue?id=113496