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late deposit of gst

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84 Points Posted on 18 June 2018
vendor deposited gst late in Mar 2018 instead of Jan 2018 against gst invoice dt 22/12/2017 for rs 399000. PL clarify whether ITC will be available for full amount rs 399000.
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On 18 June 2018 at 12:27 Report
Replies (6)
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CA Final & CS Final
577 Points Posted on 18 June 2018
ITC should be available for full amount. But for late deposit of GST interest would be chargeable @ 18%.
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On 18 June 2018 at 12:33
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84 Points Posted on 18 June 2018
we are client. vendor raised gst invoice in December 2017.GST payment was made in December 2017 to vendor by client.
vendor deposited GST and GST Portal in Mar 2018. please clarify whether any penalty is payable by vendor.
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On 18 June 2018 at 12:59
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Practice
4510 Points Posted on 18 June 2018
Originally posted by : Vinod Kakkar
vendor deposited gst late in Mar 2018 instead of Jan 2018 against gst invoice dt 22/12/2017 for rs 399000. PL clarify whether ITC will be available for full amount rs 399000.

Yes

You can take fully ITC benefit.

 

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On 18 June 2018 at 12:59
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84 Points Posted on 18 June 2018
we are client. vendor raised gst invoice in December 2017.GST payment was made in December 2017 to vendor by client.
vendor deposited GST and GST Portal in Mar 2018. please clarify whether any penalty is payable by vendor.
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On 18 June 2018 at 12:59
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Chartered Accountant
2414 Points Posted on 18 June 2018

Yes interest is payable by the vendor, and you can claim full ITC.

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On 18 June 2018 at 13:14
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24196 Points Posted on 18 June 2018
Yes, ITC can be claimed. Interest would be charged for late deposit.
1 Reply
On 18 June 2018 at 13:57


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