GST Late Fee

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Proprietor
538 Points Posted on 22 June 2020
Whether GST Late Fee is allowable expenditure under Income Tax Act
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On 22 June 2020 at 18:51 Report
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This discussion explores whether GST late fees are considered allowable expenditure under the Income Tax Act. While some argue it's a penalty for violating the law and therefore disallowed, others contend that late fees are distinct from penalties and can be claimed as a business expense. The debate hinges on the interpretation of 'penalty' versus 'fee' in tax law.

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CFO- at NHTF
58280 Points Posted on 22 June 2020
No .It's not allowed .

Late filing of return or late payment of GST will be considered as violation of law.So the late will be in the nature of penalty for not filing or paying on time.

Disallowed u/s 40(a)(ii) of Income Tax Act, 1961
1 Reply
On 22 June 2020 at 19:39
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Indirect Tax- Consultant
50 Points Posted on 22 June 2020

No it's disallowed

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On 22 June 2020 at 19:41
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"Do the Right Thing...!!!"
128157 Points Posted on 22 June 2020
Yes... The late fee is allowed as expenditure under income tax.
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On 22 June 2020 at 20:02
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10 Points Posted on 22 June 2020
Yes, it is allowed to claim business expenditure. As penalty and Fees are different under Income tax Act. it is not due to breach of law. hence, allowed.
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On 22 June 2020 at 21:34

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