Late fee and interest for ITC 03

Great question, Sivaraman!

Regarding ITC-03 (Input Tax Credit Statement) delay:

1. Late Fee:
   As per GST rules, no late fee is levied specifically for the delay in filing ITC-03.

2. Interest:
   However, interest is applicable for delayed filing of ITC-03 if there is any tax liability involved due to excess claim of ITC or mismatch corrections. Interest is charged under Section 50 of the CGST Act on the amount of tax payable due to the mismatch or excess ITC claimed.

Summary:

• No late fee for delay in filing ITC-03.

• Interest payable on tax amount involved if the ITC claimed earlier was excess or incorrect, calculated from the date tax was due till the date of payment.