https://www.taxtmi.com/forum/issue?id=118628 Unutilized ITC wrongly availed can, under section 49(4) and Circular 172/04/2022 GST, be used from the electronic credit ledger to discharge output tax liabilities, but not for interest, penalty, reverse charge liabilities, or erroneous cash refunds. Where the credit arises from paper transactions, non receipt of goods or suspected fraud, departmental practice and penal provisions commonly require cash payment with interest and possible penalties; sectoral notifications (e.g., Notification 3/2019 for builders) set specific reversal methods and permit debit from either credit or cash ledgers depending on prescribed rules. en-us Sat, 08 Jul 2023 07:38:27 +0530 Fri, 24 Jan 2025 10:40:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118628 Unutilized ITC wrongly availed can, under section 49(4) and Circular 172/04/2022 GST, be used from the electronic credit ledger to discharge output tax liabilities, but not for interest, penalty, reverse charge liabilities, or erroneous cash refunds. Where the credit arises from paper transactions, non receipt of goods or suspected fraud, departmental practice and penal provisions commonly require cash payment with interest and possible penalties; sectoral notifications (e.g., Notification 3/2019 for builders) set specific reversal methods and permit debit from either credit or cash ledgers depending on prescribed rules. Discussion-Forum GST Sat, 08 Jul 2023 07:38:27 +0530 https://www.taxtmi.com/forum/issue?id=118628