Goods and Services Tax – Started By: – Arjun Gopalakrishna – Dated:- 18-5-2018 Last Replied Date:- 22-6-2018 – INPUT CREDIT OF GST COLLECTED BY GOVERNMENT BODY ON FINES AND PENALTIES LEVIES FOR DELAY IN SUBMISSION OF FORMS.IS THERE ANY RESTRICTION FOR CLAIMING GST INPUT IN THIS CASE – Reply By KASTURI SETHI – The Reply = In my view ITC on penalty paid due to late submission of forms is not allowed. In my view such penalty is legal requirement and does not qualify to the criteria of in the business or furtherance of business. – Reply By Arjun Gopalakrishna – The Reply = Sir we appreciate you view on this query. SEBI has levied penalty for delay in submission of quarterly forms. There is no restriction of INPUT credit under section 16, 17 an
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ent of any consideration for supply, is mentioned. Only payment of penalty cannot constitute supply. Merely, non-mentioning in Section 16, 17 and 18 of Act, does not gives you liberty of all Taxes as credit, other factors are required to be considered before arriving at any conclusion. Our experts may correct me if mistaken. Thanks – Reply By DR.MARIAPPAN GOVINDARAJAN – The Reply = I endorse the views of Shri Arjun. – Reply By KASTURI SETHI – The Reply = If penalty is imposed upon an assessee for an offence (committed by assessee )by way of Adjudication Order, no ITC on that amount of penalty is admissible. In other words, such penalty is not to be treated in business or furtherance of business. The same analogy can be applied here. – Reply
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