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INVOICE REPORTED LATE IN GST RETURN AND UTILIZED INPUT CREDIT, Goods and Services Tax - GST |
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INVOICE REPORTED LATE IN GST RETURN AND UTILIZED INPUT CREDIT |
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Hello, One of my client has filed invoice late in the GST return of December, 2020 instead of October, 2020. The liability has been paid through ITC. The department done audit asked him to pay the interest on the whole amount. Whethere interest is payble even if liability is paid through ITC? Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
Dear Sir, The proper application of Section 50 is one where interest is levied on belated cash payment, but not on ITC available all the while with the department in the credit of the taxpayer. You can take shelter of the decision of the Hon'ble Madras High Court in the case of M/s Refex Industries Ltd. [2020 (2) TMI 794 - MADRAS HIGH COURT].
IMHO, interest u/s 50(1) is payable in given situation. Proviso to Section 50(1) does not cover your client's situation as tax payable in respect of supplies made in October, 2020 were not disclosed while filing return for October, 2020. These are ex facie views of mine and the same should not be construed as professional advice / suggestion.
You may also refer to discussions held under Issue-ID: 118657 bearing subject-line as SEC 50 ; CONSTITUTIONAL VALIDITY Page: 1 |
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