- The Supreme Court ruled that Section 122(1) of the CGST Act, 2017 does not apply to non-taxable persons and that Section 122(1A), effective from January 1, 2021, cannot be applied retrospectively to assessment years 2017-2020. The Court stayed the recovery of the penalty, requiring the petitioner to deposit 25% of the demand. The case involved allegations of fraudulent Input Tax Credit (ITC) claims by Mukesh Kumar Garg, who argued he was not a taxable person and challenged the retrospective application of penalties. The Supreme Court granted leave to examine these legal questions.
Source: a2ztaxcorp.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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