Rule 121 of ‘Central Goods and Services Tax (CGST) Rules 2017’: Recovery of Credit wrongly Availed
Provisions under Rule 121 of the Central Goods and Services Tax (CGST) Rules, 2017 relating to “Recovery of Credit wrongly Availed”, are as under:
CGST Rule 121: Recovery of Credit wrongly Availed (Chapter-XIV: Transitional Provisions)
The amount credited under sub-rule (3) of rule 117 may be verified and proceedings under section 73 or, as the case may be, section 74 shall be initiated in respect of any credit wrongly availed, whether wholly or partly.
Above information is based on CBEC’s compilation of Updated CGST Rules, 2017 as on 23 Mar. 2018 (i.e. as notified/ amended upto 23 Mar. 2018 by the CBEC). For detailed information/ subsequent updates, please refer relevant Notifications.
It may be noted that Rules 27 to 137 (pertaining to various Chapters) of the Central Goods and Services Tax (CGST) Rules, 2017 were notified by CBEC vide CGST (2nd Amendment) Rules, 2017 Notification No. 10/2017 Central Tax dt. 28 June 2017, applicable w.e.f. 1 July 2017.