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GST Clarifications1 July 2022.pdf

GST-clarifications1-July-2022.pdf
Preview of GST clarifications1 July 2022
🔗 Source: leatherindia.org
📊 Size: 168 KB
👤 Author: Meghaa Gupta
⬇️ Downloads: 46

Summary

The Central Board of Indirect Taxes and Customs issued Circular No. 171/03/2022-GST to clarify issues related to demand and penalty provisions under the Central Goods and Services Tax Act, 2017, for transactions involving fake invoices. The circular addresses three scenarios:

1. A registered person issues a tax invoice without actual supply of goods or services. In this case, the transaction does not satisfy the criteria of "supply" under section 7 of the CGST Act, and no tax liability arises. However, the registered person may be liable for penal action under section 122(1)(ii) of the CGST Act for issuing tax invoices without actual supply.

2. A registered person issues a tax invoice without actual supply, and the recipient avails and utilizes input tax credit (ITC) based on the invoice. The recipient will be liable for demand and recovery of the ITC, along with penal action, under section 74 of the CGST Act.

3. A registered person issues a tax invoice without actual supply, and the recipient avails ITC and passes it on to another person without underlying supply. In this case, no demand and recovery of ITC or tax liability is required, but the recipient may be liable for penal action under sections 122(1)(ii) and 122(1)(vii) of the CGST Act for issuing invoices without actual supply and taking/ utilizing ITC without actual receipt of goods or services.

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Description

The Central Board of Indirect Taxes and Customs issued Circular No.

Technical Information

  • File Format: PDF
  • File Size: 168 KB
  • Pages: 4
  • Language: EN
  • Author: Meghaa Gupta
  • Total Downloads: 46
  • Last Updated: 2 days ago

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