TRANSITIONAL CREDIT AND PENALTY ON GSTR1 2017-18

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..... Dear Sir, 1. A registered person who is retail dealer in textiles claimed transitional credit on VAT paid in earlier years. Officer is making ineligible credit to the extent of purchases before 01/07/2016 U/s 140(3)(iv) at the time of Audit. Is any provision for claiming full trasitional credit on purchases above one year. 2. For GSTR-1 late filed for the year 2017-18 is any late filing .....

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..... fees or penalty is attracted? Kindly clarify sir. Yours faithfully, K G Anantharao - Reply By KERAGODEGOPALARAO ANANTHARAO - The Reply = Is notification 43/2018 is applicable availing abatement for late filing fees? - Reply By Shilpi Jain - The Reply = If credit is transitioned from earlier returns then there is no time limit for such purchases. However, if credit is claimed on cl .....

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..... osing stock on 30.6.17 then this time limit will apply. No relaxation presently available from late fee for filing of returns. - Reply By KERAGODEGOPALARAO ANANTHARAO - The Reply = From when interest is applicable? From 01/07/2017 or from date of availing the credit? - Reply By vijay kumar - The Reply = As per amended Section 50 , interest is applicable if the transitioned credit is utilize .....

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..... d. It is to be paid from the date of utilization till the date of reversal - Reply By Ravinesh Sinha - The Reply = I agree with Shilpi ji - Reply By KERAGODEGOPALARAO ANANTHARAO - The Reply = THANK YOU SO MUCH - TRANSITIONAL CREDIT AND PENALTY ON GSTR1 2017-18 - Query Started By: - KERAGODEGOPALARAO ANANTHARAO Dated:- 3-6-2022 Goods and Services Tax - GST - Got 6 Replies - GST - Discussi .....

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..... on Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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