Amendment relating to Fraudulent Transaction & Transitional Credits- GST

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Amendment relating to Fraudulent Transaction & Transitional Credits- GST


GST Law of Penalty For Fraudulent Transactions Apart From Supplier/ Recipient Of Goods Or Services Or Both, Prosecution For Fraudulent Transactions


Penalty For Fraudulent Transactions Apart From Supplier/ Recipient Of Goods Or Services Or Both:


 takes or utilizes input tax credit without actual receipt of goods or services or both either fully or partially, in contravention of the provisions of this Act or the rules made thereunder;


“Any person who retains the benefit of a transaction covered under clauses (i), (ii), (vii) or clause (ix) of sub-section (1) and at whose instance such transaction is conducted, shall be liable to a penalty of an amount equivalent to the tax evaded or input tax credit availed of or passed on

issues any invoice or bill without supply of goods or services or both in violation of the provisions of this Act or the rules made thereunder;

takes or utilizes input tax credit without actual receipt of goods or services or both either fully or partially, in contravention of the provisions of this Act or the rules made thereunder;

Insertion of the new sub-section 1A of sub-section 122 as imposed further onus
a. Any person retaining the benefit of such transactions and
b. At whose instance such transactions are conducted

 Prosecution For Fraudulent Transactions Apart From Supplier/ Recipient Of Goods Or Services Or Both


supplies any goods or services or both without the issue of any invoice, in violation of the provisions of this Act or the rules made thereunder, with the intention to evade tax;

 avails input tax credit using such invoice or bill referred to in clause (b)


 Prosecution On Availment Of Input Tax Credit Without Invoice

avails input tax credit using the invoice or bill referred to in clause (b) or fraudulently avails input tax credit without any invoice or bill.

Transitional Credit- Retrospective Amendments:

A registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his electronic credit ledger,

A registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his electronic credit ledger, credit of the unveiled CENVAT credit in respect of capital goods, not carried forward in a return, furnished under the existing law by him, 

 A registered person, who was not liable to be registered under the existing law, or who was engaged in the manufacture of exempted goods or provision of exempted services, or who was providing works contract service and was availing of the benefit of notification No. 26/2012-Service Tax,

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