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Section 114AC: Penalty for fraudulent utilisation of input tax credit for claiming refund.

The Customs Act, 1962Central Act · Act 52 of 1962

[114AC. Penalty for fraudulent utilisation of input tax credit for claiming refund.Where any person has obtained any invoice by fraud, collusion, wilful misstatement or suppression of facts to utilise input tax credit on the basis of such invoice for discharging any duty or tax on goods that are entered for exportation under claim of refund of such duty or tax, such person shall be liable for penalty not exceeding five times the refund claimed.

Explanation.For the purposes of this section, the expression input tax credit shall have the same meaning as assigned to it in clause (63) of section 2 of the Central Goods and Services Tax Act, 2017 (12 of 2017).]

Where this provision sits

ActThe Customs Act, 1962
Section114AC
Marginal notePenalty for fraudulent utilisation of input tax credit for claiming refund.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 13 of 2021. . Ins. by Act 13 of 2021, s. 96 (w.e.f. 28-3-2021).

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