Penalty and Interest could not be imposed when Credit was erroneously availed but not utilized

Penalty and Interest could not be imposed when Credit was erroneously availed but not utilized https://www.taxtmi.com/article/detailed?id=12072 Demand for interest and penalty under the GST framework is not sustainable where excess input tax credit was erroneously availed but subsequently reversed before any utilization of that credit. Where it is demonstrated that the excess ITC reflected in the electronic ledger was not utilised and was reversed prior to utilisation, penal proceedings and demand for interest are not tenable. en-us Mon, 27 Nov 2023 16:21:22 +0530 Mon, 27 Nov 2023 16:21:22 +0530 TaxTMI RSS Generator Penalty and Interest could not be imposed when Credit was erroneously availed but not utilized https://www.taxtmi.com/article/detailed?id=12072 Demand for interest and penalty under the GST framework is not sustainable where excess input tax credit was erroneously availed but subsequently reversed before any utilization of that credit. Where it is demonstrated that the excess ITC reflected in the electronic ledger was not utilised and was reversed prior to utilisation, penal proceedings and demand for interest are not tenable. Articles Goods and Services Tax - GST Mon, 27 Nov 2023 16:21:22 +0530 https://www.taxtmi.com/article/detailed?id=12072