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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- Reporting of STCG on Property in ITR
- ITR-4 vs ITR 5
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
