https://www.taxtmi.com/article/detailed?id=15805 Penalty under the GST regime is offence-specific, person-specific, and benefit-linked, and cannot be applied on a collective or mechanical basis to every entity appearing in a paper transaction chain. Section 122 applies only against a taxable person who commits a specified contravention, while Section 122(1A) is confined to the person who retains the benefit of wrongful input tax credit and at whose instance the transaction is conducted. Mere participation in circular bill trading, without retention or utilisation of input tax credit, does not establish penal liability. en-us Tue, 03 Feb 2026 08:40:16 +0530 Tue, 03 Feb 2026 08:40:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=15805 Penalty under the GST regime is offence-specific, person-specific, and benefit-linked, and cannot be applied on a collective or mechanical basis to every entity appearing in a paper transaction chain. Section 122 applies only against a taxable person who commits a specified contravention, while Section 122(1A) is confined to the person who retains the benefit of wrongful input tax credit and at whose instance the transaction is conducted. Mere participation in circular bill trading, without retention or utilisation of input tax credit, does not establish penal liability. Articles Goods and Services Tax - GST Tue, 03 Feb 2026 08:40:16 +0530 https://www.taxtmi.com/article/detailed?id=15805