https://www.taxtmi.com/forum/issue?id=113751 Input tax credit on penalties or late fees paid to a regulatory body is generally unavailable where the payment does not constitute a supply in the course or furtherance of business; adjudicated penalties as sanctions are treated as non-creditable. Entitlement depends on factual and documentary elements: whether the payment can be characterised as consideration for a supply, whether an invoice reflecting a taxable supply exists, and whether statutory conditions for claiming credit (tax charged and return compliance) are met. en-us Fri, 18 May 2018 12:08:21 +0530 Thu, 23 Jan 2025 15:55:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=113751 Input tax credit on penalties or late fees paid to a regulatory body is generally unavailable where the payment does not constitute a supply in the course or furtherance of business; adjudicated penalties as sanctions are treated as non-creditable. Entitlement depends on factual and documentary elements: whether the payment can be characterised as consideration for a supply, whether an invoice reflecting a taxable supply exists, and whether statutory conditions for claiming credit (tax charged and return compliance) are met. Discussion-Forum GST Fri, 18 May 2018 12:08:21 +0530 https://www.taxtmi.com/forum/issue?id=113751