Q. 751 How much penalty for not showing HSN summary in Gstr-1 

Ans. General penalty to be levied of Rs. 50,000/-.

Q. 750 A Search had been conducted on our employers last Year. During Search Proceedings a difference in Physical Stock and Stock in Books of Accounts had been arised. Now we are surrendering our stock difference to the Income Tax Department. We have Input Tax Credit in our E Credit Ledger due to Purchases made in Current Year. My query is can we utilize current year Input Tax Credit for Paying GST on Surrendered Stock through DRC-03 or we have to pay it Though E Cash Ledger through DRC-03. We are also paying Interest on Such GST payable in Full.

Ans. You can utilize ITC to pay GST.

Q. 749 Can ITC be availed on two wheelers or it falls under block credit u/s 17(5) . 

Ans. ITC not allowed.