“Wrongful Availment of ITC Under GST | Section 16, 17(5) & 74 Explained with Examples”
Автор: CA Narendra Sachan
Загружено: 2026-01-20
Просмотров: 30
Описание:
Many taxpayers purchase goods or assets in their own GST registration only to claim Input Tax Credit (ITC), even though the actual user of those goods is another person.
This practice may appear harmless, but under GST law, it can lead to serious penalties, interest, and litigation.
In this video, we explains:
✔ When ITC is legally allowed under Section 16(1) of the CGST Act
✔ Why ITC is not available when goods are used by another person
✔ The impact of Blocked Credit under Section 17(5)
✔ How the GST department treats such cases under Section 74
✔ Interest @18% and penalty equal to 100% of wrongly availed ITC
✔ Practical examples based on real-life GST scrutiny cases
✔ The correct and compliant way to claim ITC and avoid notices
This video is useful for business owners, directors, partners, accountants, tax consultants, and GST practitioners who want to ensure proper GST compliance and avoid unnecessary disputes.
⚠️ Key Takeaway
Invoice alone does not give you ITC.
The asset must genuinely belong to your business and be used in business.
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📚 Relevant Legal Sections Covered
Section 16(1) – CGST Act, 2017
Section 17(5) – Blocked Input Tax Credit
Section 74 – Wrongful / Fraudulent ITC
#GST #InputTaxCredit #ITC #GSTCompliance
#BlockedCredit #Section16 #Section17
#GSTPenalty #CharteredAccountant
#BusinessCompliance #TaxAwareness
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