dear expert's,
is there any relief for interest on delay payment of RCM ??
my client is liable to pay GST on transportation charges incurred in 2018-19, he has not paid at that time,
now department has raised issue during departmental audit to pay GST with interest and allows to take credit of tax part,
my view is client is also eligible for ITC on above GST,
so there is no revenue loss for government,
we are paying late but ITC claim is also after payment.
is there any relief for interest??
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Interest on delay payment of tax on RCM
Replies (3)
As I understand, no such relief I think.
Agree with Poornima but little explanation regarding interest for your info
The penalty is levied for something wrong you have done or what you should have done but could not do so and interest is charged to compensate for late payment etc. Interest is charged to compensate for the time value of money.
There is no relief for RCM liability
Know more about Reverse Charge Mechanism (RCM) under GST
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