Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Late filing GSTR-1 & GSTR-3B ,

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies the rules surrounding late filing of GSTR-1 and GSTR-3B. It confirms that late filing does attract interest. Crucially, while Input Tax Credit (ITC) can be used to pay the tax itself, it cannot be used to settle any interest, penalties, or other charges incurred due to late submission.

CA HARI SHANKAR KUMAR

CA HARI SHANKAR KUMAR (Querist)
Follow

24 April 2024 whether late filing GSTR-1 & GSTR-3B attract interest at the time of filing , if attracted whether interest can be discharged by available ITS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

24 April 2024 Yes.
RULE 3: ITC can be utilized for payment of tax only. RULE 4: ITC can't be utilized for payment of TDS/TCS/interest/penalty/fee/others

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

24 April 2024 Yes. Interest payable.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now