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Interest amount adjust from itc
Sir. one of our client paid total taxes and filed GST returns belated...but his liability of interest of 4.0 laks but his itc balance is 6.0 lakhs....but his itc for the f.y 2020.21,. interest is for f.y 2019.20...recently one month back he was expired...please advise sir...
Replies (7)
You question is not clear , Are you want to adjust interest payable against. ITC which is lapse ?.
Yes sir...
No not possible , confirm with others also .
Thank you sir
Interest will have to be paid in cash regardless whether the person is alive or not.
For deceased there are separate formalities in GST that has to be completed.
Agreed
Fully agree with zafar sor
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