SAC 999799
This query is : Resolved
satish kumar Chauhan
(Querist)
05 February 2021
Dear sir
My customer isuued an invoice under sac 999799 for penalty due to delay in supply and charged the GST. Kindly advice, which a/c to be debited for Penalty amount and is ITC eligble under GST and penalty allowable under I.Tax.
Thanks
My customer isuued an invoice under sac 999799 for penalty due to delay in supply and charged the GST. Kindly advice, which a/c to be debited for Penalty amount and is ITC eligble under GST and penalty allowable under I.Tax.
Thanks
CA R SEETHARAMAN
(Expert)
05 February 2021
Treat it as compensation for delay in supply. ITC can be availed and income tax it's allowed. only GST and income tax penalty not allowed.
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