Section 72: Claim of Input Tax Credit on the Same Invoice More Than Once
This section addresses the issue of claiming input tax credit (ITC) multiple times using the same invoice. It implies that taxpayers are not allowed to claim ITC more than once for a single invoice. This rule is crucial in preventing tax evasion and ensuring accurate tax reporting. By prohibiting multiple claims on the same invoice, the law aims to maintain fairness and transparency in the tax system. This section likely includes penalties or corrective measures for those who violate this rule, although specific details are not provided in the text snippet.
Note: It is an AI generated summary for reference purpose only.
72. Claim of input tax credit on the same invoice more than once
"Rule 72. Claim of input tax credit on the same invoice more than once .-
Duplication of claims of input tax credit in the details of inward supplies shall be communicated to the registered person in FORM GST MIS-1 electronically through the common portal."
