The CGST Act distinguishes between ‘ITC availed’ (the eligibility to claim) and ‘ITC utilised’ (the actual use of the credit). Interest may apply on any excess ITC claimed. Frequently Asked Questions 1. Who is eligible for ITC in GST? A registered taxable individual or entity that pays...
As regards penalty, Section 73 provides that the notice may require the person who has wrongly availed or utilised Input Tax Credit to show cause as to why he should not pay the amount specified in the notice along with interest and a penalty leviable under the provisions of the Act or ...