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SAC 999799

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(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
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CA R SEETHARAMAN

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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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