https://www.taxtmi.com/forum/issue?id=119614 The issue is whether ITC reversal under Rule 37 is necessary when ITC was availed under Section 16(2) and payment to the supplier occurred after 180 days but before adjudication, with the third proviso restoring eligibility on payment; contributors cite CBIC Circular No.170/02/2022-GST and a Madras High Court reference, assert the transaction was revenue neutral because ITC remained unutilised, and contend that interest and penalty are contestable where there is no intent to evade tax and no loss to the exchequer. en-us Tue, 18 Feb 2025 15:24:37 +0530 Thu, 20 Feb 2025 09:37:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=119614 The issue is whether ITC reversal under Rule 37 is necessary when ITC was availed under Section 16(2) and payment to the supplier occurred after 180 days but before adjudication, with the third proviso restoring eligibility on payment; contributors cite CBIC Circular No.170/02/2022-GST and a Madras High Court reference, assert the transaction was revenue neutral because ITC remained unutilised, and contend that interest and penalty are contestable where there is no intent to evade tax and no loss to the exchequer. Discussion-Forum GST Tue, 18 Feb 2025 15:24:37 +0530 https://www.taxtmi.com/forum/issue?id=119614