https://www.taxtmi.com/forum/issue?id=118799 Voluntary reversal of wrongly availed input tax credit and disclosure in returns does not by itself preclude imposition of a mandatory penalty where interest was not paid within thirty days of the show cause notice; waiver of penalty requires payment of both tax and interest within that period, interest is treated as part of tax and arises automatically, and disputes arise over whether the penalty base is the originally claimed tax or the tax finally determined after appropriation. en-us Wed, 11 Oct 2023 09:48:18 +0530 Thu, 23 Jan 2025 14:20:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118799 Voluntary reversal of wrongly availed input tax credit and disclosure in returns does not by itself preclude imposition of a mandatory penalty where interest was not paid within thirty days of the show cause notice; waiver of penalty requires payment of both tax and interest within that period, interest is treated as part of tax and arises automatically, and disputes arise over whether the penalty base is the originally claimed tax or the tax finally determined after appropriation. Discussion-Forum GST Wed, 11 Oct 2023 09:48:18 +0530 https://www.taxtmi.com/forum/issue?id=118799