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Adjustment of ITC

kishan agarwal (ARTICLE) (144 Points)

06 August 2018

whether interest is to be paid when i have not filed the return on due time and if there is enough itc

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9 Replies

neelam bhaktani (3 Points)
Replied 06 August 2018

No
interest will not be paid.
but you have to pay late filing fees

kishan agarwal (ARTICLE) (144 Points)
Replied 06 August 2018

but someone says that adjustment of itc is also a payment.

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 06 August 2018

Late Fee is applicable if You are not filed Your return On or before due date...

Interest applicable only for outstanding delayed payments...

kishan agarwal (ARTICLE) (144 Points)
Replied 06 August 2018

I had not filed return for last 6 month, i am teady to pay late fees. i want to know whether interest is to be paid in the output tax even if my input tax is greater then output tax in every month?

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 06 August 2018

No... If Your Input Tax is more than Output Tax then no need to pay Interest...

Note : The Details will be Calculate every month. Can't based on Consolidated...