GSt Query related to SAC
This query is : Resolved
26 October 2024
I used the SAC code 998898 for Job work of Ms fabricated material instead of SAC code 998873 in multiple E Invoices. What is the penalty for that mistake?
27 October 2024
Under Section 122 of the CGST Act, if a registered person issues an incorrect invoice, they may be liable for a penalty of up to ₹25,000. The penalty could be levied if the incorrect SAC code leads to tax evasion or incorrect tax reporting. The taxpayer may be liable to pay the difference in tax along with interest on the unpaid amount.
It is advisable to rectify it by issuing a credit note for the incorrect invoices and a new invoice with the correct SAC code. This can help mitigate issues with tax authorities.
It is advisable to rectify it by issuing a credit note for the incorrect invoices and a new invoice with the correct SAC code. This can help mitigate issues with tax authorities.
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