Wrong availment of ITC under section 16 read with Rule 36 under following circumstances shall also invite cancellation
Wrong availment of ITC under section 16 read with Rule 36 under following circumstances shall also invite cancellation i.e. a) ITC not supported by invoice. b) ITC supported by invoice but all requisite particulars not mentioned. c) ITC taken without receipt of supplies, d) ITC taken without tax having been paid by the supplier , e) ITC taken without filing of return f) ITC taken on payments delayed beyond 180 days g) ITC taken post September of following financial year h) ITC taken on capital goods inspite depreciation claimed on ITC component i) ITC pertaining to some other registered person, whether having same or different PAN j) ITC on supplies not in course or furtherance of business k) ITC taken in respect of tax paid on account of fraud, wilful misstatement or suppression of facts Further, if value of taxable supplies in a month , other than exempt and zero rated supplies, exceeds Rs. 50 lacs, then if 100% of tax is paid through ITC and *condition of paying 1% of tax liabili
