Filing of IFF is optional, and the vendor has not yet uploaded the invoices, so the invoices are not appearing in GSTR 2A/2B of first 2 months of the quarter.
Vendor uploaded all the invoices in Quarterly GSTR 1 and now the invoices are reflecting in GSTR 2A/2B.
So in this situation There's a tax payable if I calculate net tax liability on monthly basis, but no tax payable if I calculate it on quarterly basis..
My question is, whether we need to pay interest on such monthly shortfalls due to vendor's non compliance with IFF??
You have an option to take 5% provisional ITC. If the value is less than that then please take the additional ITC, there is no need to pay any interest for that. If value is more than that then do hold your Input tax credit (ITC) till first two months and take it in the third month
CAclubindia
