GST Circular Trading – Penalty Cannot Be Capped at Rs. 10K but levied Equivalent to Full ITC Passed on
The Hon’ble Madras High Court in Tvl. SAM Enterprises & Ors. dismissed the writ petitions filed by the assessee-entities engaged in alleged circular trading of medical equipment supplies, thereby upholding the penalty orders passed under Section 74 of the CGST Act.