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GST - Belapur Commissionerate ensures reversal of Rs 1.12 lakh crore wrongly-availed ITC


Harsh law

It is beyond one’s imagination that a small unlisted company having a paid up capital of Rs 1 lakh will be claiming a gigantic input tax credit of Rs 1.12 lakh crore !!. Even if the wrong credit is reversed, how the small firm will escape the liability to pay interest for wrong credit as per Sec 50 (3) of CGST Act which is fixed at 24% ?.Assuming for a month, interest will be at an astonishing figure of Rs 2240 crs !!.
The legal maxim is Dura lex sed lex which means "it is harsh, but it is the law"

james pg 13/09/2018

 

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