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PENALTY UNDER SECTION 122(1)(II) OF THE GST ACT - Goods and Services Tax - GSTExtract Dear experts Section 122(1)(ii) of the GST Act speaks about the offence of issue of invoices without the supply of goods or services or both . However in exceptional cases, such invoices do not lead to the wrongful availment or utilisation of input tax credit. The CBIC Circular No. 171/03/2022 dated 06/07/2022 has illustrated such kind of events for the purpose levy of only penalty in a particular situation or adjudication under Section 74 and levy of penalty under section 122(1)(vii) in proven situations of wrongful availment or utilisation of input tax credit. Query: What is the amount of penalty under Section 122(1)(ii) for the offence of issue of invoices without the actual supply of goods or services or both not leading to the wrongful availment or uitlisation of input tax credit? Experts to throw spotlight.
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