https://www.taxtmi.com/highlights?id=80649 Petitioner sought regular bail in case involving alleged wrongful Input Tax Credit (ITC) availed using fictitious invoices from non-existent/suspicious firms. As per Section 132(1)(b) and (c) of HGST/CGST Act, issuing invoice without supply or availing ITC using such invoice, where tax evaded or ITC wrongly availed exceeds Rs. 500 lakhs, is punishable with up to 5 years imprisonment and fine. Show cause notice u/s 74(1) issued to petitioner is yet to be adjudicated upon to determine exact tax liability. Determination of tax liability is subject to challenge before tribunals/courts and does not fall within criminal court's realm. Another firm also issued notice jointly with petitioner, whose liability may reduce petitioner's liability. Consi..... en-us Fri, 23 Aug 2024 08:16:29 +0530 Fri, 23 Aug 2024 08:16:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80649 Petitioner sought regular bail in case involving alleged wrongful Input Tax Credit (ITC) availed using fictitious invoices from non-existent/suspicious firms. As per Section 132(1)(b) and (c) of HGST/CGST Act, issuing invoice without supply or availing ITC using such invoice, where tax evaded or ITC wrongly availed exceeds Rs. 500 lakhs, is punishable with up to 5 years imprisonment and fine. Show cause notice u/s 74(1) issued to petitioner is yet to be adjudicated upon to determine exact tax liability. Determination of tax liability is subject to challenge before tribunals/courts and does not fall within criminal court's realm. Another firm also issued notice jointly with petitioner, whose liability may reduce petitioner's liability. Consi..... Highlights GST Fri, 23 Aug 2024 08:16:29 +0530 https://www.taxtmi.com/highlights?id=80649