Block Credit - Any tax paid in accordance with the provisions of sections 74 [section 17(5)(i)] - GST Ready Reckoner - GST

Block Credit - Any tax paid in accordance with the provisions of sections 74 Section 17(5) Clauses (i) - Any tax paid in accordance with the provisions of sections 74, 129, and 130 [ section 74 in respect of any period up to Financial Year 2023-24. (w.e.f. 01.11.2024 vide N.No. 17/2024 dated 27.09.2024, substituted vide Finance (No.2 ) Act, 2024 ) ] This clause restricts input tax credit on determination of tax under section 74 in respect of any period up to Financial Year 2023-24 and not under section 73, which deal with Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful-misstatement or suppression of facts. Section 74 - Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilfull-misstatement or suppression of facts. (malafide intension) [ upto FY 2023-24 ] Section 129 - Detention, seizure and release of goods and conveyances in transit. Section 130 - Confiscation of goods conveyance levy penalty.