ITC-04 Penalties

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jignesh sitapara

jignesh sitapara (Querist)
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29 September 2024 How much PENALTIES if ITC-04 not filed ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.
But late fees may not be levied even if it is filed.