REGARDING GST INTEREST

This query is : Resolved 
Quick Summary
If you've uploaded invoices in a later financial year (e.g., FY 2019-20) than their actual issuance date (e.g., FY 2018-19), you may be liable to pay interest. This applies even if both you and the buyer party have accounted for the invoices late. The interest is applicable under Section 50(3) read with Rule 88B of the GST regulations.

Profile Image

Profile Image

(Querist)
29 January 2024 Mr. A has Uploaded invoice in F.Y. 2019-20 (June & July-19)
But The Actual Invoice is F.Y. 2018-19.
Mr. A has shown late invoice In GSTR-1 & 3B and also buyer party was taken late credit
So Mr. A has liable to pay interest about that ?????
Profile Image

CA Altamush Zafar

Profile Image

CA Altamush Zafar (Expert)
29 January 2024 Yes interest is applicable
Profile Image

CS Advocate Abhishek Goyal

Profile Image

CS Advocate Abhishek Goyal (Expert)
31 January 2024 interest applicable under section 50(3) read with Rule 88B,
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member Umashankar GoyankaUmashankar GoyankaPro Member AjayAgarwalAjayAgarwalPro Member Binod SinghBinod SinghPro Member AbhijitAbhijitPro Member Vinod SelvVinod Selv
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category