Gauhati HC Grants Interim Stay on ITC Reversal Notice: Surya Business Pvt Ltd Case

Surya Business Private Limited Vs State of Assam (Gauhati High Court) Introduction: In a recent development, the Gauhati High Court has granted an interim stay on a show cause notice issued to Surya Business Private Limited under the Assam GST Act, 2017. The notice sought the reversal of Input Tax Credit (ITC) amounting to Rs. 27,25,503/- for the financial year 2018-2019, along with interest and penalty. Detailed Analysis: The show cause notice, dated 11.01.2024, was issued under Section 73 r/w Section 50 of the Assam GST Act, 2017. It demanded an explanation from Surya Business Private Limite...