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In this article I am not going to touch the ITC lapsing under Section 17(4) applicable for Banking companies and NBFC and Section 18(4) applicable for a dealer who has availed of input tax credit opts to pay tax under section 10 (composition method of tax payment).
Considering the canon of ability to pay tax, the income tax slabs have been introduced and it's been amended from time to time based on the exigency without affecting the canon behind the act. As such, I am not in line with a provision, section 87A of IT act, which gives rebate on Income Tax liability before adding up the cess on IT.
If the dealer has taken ineleigible input tax credits, the same requires to be revered voluntarily to avoid penal action by the department. The relevant provisions quoted are under the CGST act only and hence relevant references under SGST/ UGST/ IGST act(s) shall be referred.
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