ITC-04 Penalties
This query is : Resolved
29 September 2024
How much PENALTIES if ITC-04 not filed ?
15 October 2024
Late Fees: Rs. 50 per day (maximum Rs. 5,000) under Section 47 of the CGST Act, 2017.
Penalty: Rs. 500 under Section 125 of the CGST Act, 2017 (if not filed).
Additional consequences may include:
Interest on the delayed input tax credit (ITC) claim.
Potential loss of ITC if not reported timely.
Possible scrutiny or audit by tax authorities.
Penalty: Rs. 500 under Section 125 of the CGST Act, 2017 (if not filed).
Additional consequences may include:
Interest on the delayed input tax credit (ITC) claim.
Potential loss of ITC if not reported timely.
Possible scrutiny or audit by tax authorities.
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