https://www.taxtmi.com/forum/issue?id=113635 Wrong availing of input tax credit (CGST) without receipt of goods cannot be rectified by reversing from the IGST ledger; the reversal must correspond to the legally available credit. Use of wrongly availed credit to pay output tax does not validate the credit. Interest is chargeable where credit was wrongly availed and utilized, and penalties may apply for wrongful availment, utilisation, fraud or willful misstatement. Tax must be paid in cash when credit was not legally available, though voluntary payment of tax and interest before notice may reduce penalty. en-us Tue, 17 Apr 2018 23:56:28 +0530 Thu, 23 Jan 2025 15:55:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=113635 Wrong availing of input tax credit (CGST) without receipt of goods cannot be rectified by reversing from the IGST ledger; the reversal must correspond to the legally available credit. Use of wrongly availed credit to pay output tax does not validate the credit. Interest is chargeable where credit was wrongly availed and utilized, and penalties may apply for wrongful availment, utilisation, fraud or willful misstatement. Tax must be paid in cash when credit was not legally available, though voluntary payment of tax and interest before notice may reduce penalty. Discussion-Forum GST Tue, 17 Apr 2018 23:56:28 +0530 https://www.taxtmi.com/forum/issue?id=113635