TaxTMI 
TaxTMI 
TaxTMI Home / 
Court Rules on Levy of Interest & Penalty for Transitional Credit Reversal under TNGST Act, 2017; Section 74 in Focus.
X X X X Extracts X X X X
X X X X Extracts X X X X
....Levy of Interest and penalty - reversal of transitional credit - no records to show utilization of such credit - invocation of Section 74 of the TNGST Act, 2017, justified or not? - Before levying penalty or interest, a proper excise was required to be made by a proper officer under Section 74(10) after ascertaining whether the credit was wrongly availed and wrongly utilised. - Imposition of interest or penalty either u/s 73 or 74 stand attracted only where such credit was not only availed but also utilised for discharging the tax liability. - HC....