Penalty u/s. 122 imposable for default in tax payment on wrong claim of input tax credit

Munna Traders Vs State of Bihar (Patna High Court) Patna High Court held that imposition of penalty u/s 122 of Bihar Goods and Services Tax Act, 2017 (BGST Act) justified as assessee defaulted in tax payment due to an excessive claim of input tax credit which was later deposited without interest due under Section 50 Facts- The petitioner, an assessee, under the Bihar Goods and Services Tax Act, 2017 (for brevity, ‘BGST Act’) is aggrieved with the interest and penalty imposed on the assessee for excess claim of input tax credit, which stood paid subsequent to a notice issued under the BGST ...