INPUT Credit
Query (Issue) Started By: – Arjun Gopalakrishna Dated:- 18-5-2018 Last Reply Date:- 22-6-2018 Goods and Services Tax – GST
Got 8 Replies
GST
INPUT CREDIT OF GST COLLECTED BY GOVERNMENT BODY ON FINES AND PENALTIES LEVIES FOR DELAY IN SUBMISSION OF FORMS.
\nIS THERE ANY RESTRICTION FOR CLAIMING GST INPUT IN THIS CASE
\nReply By KASTURI SETHI:
\nThe Reply:
\nIn 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."
\nReply By Arjun Gopalakrishna:
\nThe Reply:
\nSir we appreciate you view on this query. SEBI has levied penalty for delay in submission of quarterly forms<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 2) (d) of CGST Act, 2017, interest, or late fees or penalty for delayed payment of any consideration for supply, is mentioned. Only payment of penalty cannot constitute supply. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" INPUT Credit Query (Issue) Started By: – Arjun Gopalakrishna Dated:- 18-5-2018 Last Reply Date:- 22-6-2018 Goods and Services Tax – GSTGot 8 RepliesGSTINPUT 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 … Continue reading “INPUT Credit”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-11834","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11834"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11834\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nMerely, 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.
\nOur experts may correct me if mistaken.
\nThanks
\nReply By DR.MARIAPPAN GOVINDARAJAN:
\nThe Reply:
\nI endorse the views of Shri Arjun.
\nReply By KASTURI SETHI:
\nThe Reply:
\nIf 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 busines<\/p>\n
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