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? - Reply By KALLESHAMURTHY MURTHY - The Reply = Dear Sir, The proper application of Section 50 .....

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..... 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]. - Reply By Amit Agrawal - The Reply = IMHO, interest u/s 50(1) is payable in given situat .....

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..... ion. 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. - Reply By Amit Agrawal - The Reply = You may also refer to discussions held under Issue .....

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..... -ID: 118657 bearing subject-line as SEC 50 ; CONSTITUTIONAL VALIDITY - INVOICE REPORTED LATE IN GST RETURN AND UTILIZED INPUT CREDIT - Query Started By: - vinod jadhav Dated:- 10-1-2024 Last Replied Date:- 13-1-2024 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementi .....

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..... ndia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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