https://www.taxtmi.com/circulars?id=66689 Issuing a tax invoice without underlying supply does not amount to supply under section 7 and therefore attracts no tax demand under sections 73 or 74 against the issuer, but the issuer is liable to penal action under section 122(1)(ii). A recipient who fraudulently avails and utilizes ITC without receipt of goods or services is liable for demand and recovery of the ITC and penal action under section 74 with interest under section 50; subsequent passing-on of ITC without supply attracts penal consequences for the passer-on under section 122 provisions. en-us Fri, 08 Jul 2022 00:00:00 +0530 Wed, 02 Aug 2023 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=66689 Issuing a tax invoice without underlying supply does not amount to supply under section 7 and therefore attracts no tax demand under sections 73 or 74 against the issuer, but the issuer is liable to penal action under section 122(1)(ii). A recipient who fraudulently avails and utilizes ITC without receipt of goods or services is liable for demand and recovery of the ITC and penal action under section 74 with interest under section 50; subsequent passing-on of ITC without supply attracts penal consequences for the passer-on under section 122 provisions. Circulars GST - States Fri, 08 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/circulars?id=66689