https://www.taxtmi.com/forum/issue?id=119261 Reversal of Input Tax Credit under Rule 42/43 was contested where the taxpayer paid tax under the Reverse Charge Mechanism on wood purchased from unregistered suppliers and availed ITC. The taxpayer contends RCM did not apply because wood is not in the notified list; therefore ITC claimed after wrong RCM payment should not be treated as valid ITC and reversal should be limited to forward-charge attributable credit. Remedies include seeking refund for wrongly paid tax (subject to unjust enrichment) or litigating non-applicability of RCM. en-us Sun, 18 Aug 2024 20:39:45 +0530 Thu, 29 Aug 2024 05:21:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=119261 Reversal of Input Tax Credit under Rule 42/43 was contested where the taxpayer paid tax under the Reverse Charge Mechanism on wood purchased from unregistered suppliers and availed ITC. The taxpayer contends RCM did not apply because wood is not in the notified list; therefore ITC claimed after wrong RCM payment should not be treated as valid ITC and reversal should be limited to forward-charge attributable credit. Remedies include seeking refund for wrongly paid tax (subject to unjust enrichment) or litigating non-applicability of RCM. Discussion-Forum GST Sun, 18 Aug 2024 20:39:45 +0530 https://www.taxtmi.com/forum/issue?id=119261