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Reg Penalty

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Shashank Araganji

Student

27 Points Posted on 13 March 2020

Respected Sir, One of our clint received notice after inspecting of business premises. After the inspection its cleared that tax on credit note amount is not reversed and the officer is issue the notice to pay or reverse the ITC with penalty. And as per my knowledge if we pay the tax within 30 days of the issue of notice it is not necessary to pay the penalty plz help.

Replies (3)

Quick Summary

A business received a notice for not reversing tax on credit notes, leading to a demand for payment or reversal of Input Tax Credit (ITC) with a penalty. The user is seeking clarification on whether paying the tax within 30 days negates the penalty, as per their understanding. Advice suggests paying the imposed taxes and penalty or filing an appeal against the notice, especially if ITC reversal is demanded under Section 74.