If payment is not made within 45 days from the date of invoice and TDS is not deducted on credit basis. but ITC is claimed in GST for that invoice.
what is the consequence of it as per MSME and will the expenditure be disallowed?
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Disallowance of expenditure due to TDS not deducted
Replies (1)
Under the MSME Act, the buyer will be liable to pay interest on the delayed payment & 43B of the Income Tax Act, 1961deductions are only allowed on an actual payment basis. But matter related TDS than is not deducted and deposited within the due date than 30% of the expenditure may be disallowed under Section 40(a)(ia).ITC on GST you will taken but paid within 180 days otherwise it will reverse with interest.
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