Eye Share : Recovery of Transitional Credit Wrongly Availed and Validity of Rule 121of CGST Rules
Currently, many SCNs u/s 73(1) of the CGST Act, 2017 r/w Rule 121 of the CGST Rules, 2017 are being issued for recovery of wrongly claimed transitional credit by taxpayers in Form TRAN-1. The author Advocate Bharath Janarthanan (KB Legal Chambers) emphasizes on the validity of Rule 121 of the CGST Rules which empowers GST Officers to recover such credits and discusses whether the Rule is framed without any authority from the parent statute.Referring to Section 73(1)...