TaxTMI 
TaxTMI 
TRANSITIONAL CREDIT AND PENALTY ON GSTR1 2017-18
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....RANSITIONAL CREDIT AND PENALTY ON GSTR1 2017-18<br> Query (Issue) Started By: - KERAGODEGOPALARAO ANANTHARAO Dated:- 3-6-2022 Last Reply Date:- 8-6-2022 Goods and Services Tax - GST<br>Got 6 Replies<br>GST<br>Dear Sir, 1. A registered person who is retail dealer in textiles claimed transitional credit on VAT paid in earlier years. Officer is making ineligible credit to the extent of purchases bef....
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....ore 01/07/2016 U/s 140(3)(iv) at the time of Audit. Is any provision for claiming full trasitional credit on purchases above one year. 2. For GSTR-1 late filed for the year 2017-18 is any late filing fees or penalty is attracted? Kindly clarify sir. Yours faithfully, K G Anantharao Reply By KERAGODEGOPALARAO ANANTHARAO: The Reply: Is notification 43/2018 is applicable availing abatement for ....
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....late filing fees? Reply By Shilpi Jain: The Reply: If credit is transitioned from earlier returns then there is no time limit for such purchases. However, if credit is claimed on closing stock on 30.6.17 then this time limit will apply. No relaxation presently available from late fee for filing of returns. Reply By KERAGODEGOPALARAO ANANTHARAO: The Reply: From when interest is applicable? Fr....
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....om 01/07/2017 or from date of availing the credit? Reply By vijay kumar: The Reply: As per amended Section 50, interest is applicable if the transitioned credit is utilized. It is to be paid from the date of utilization till the date of reversal Reply By Ravinesh Sinha: The Reply: I agree with Shilpi ji Reply By KERAGODEGOPALARAO ANANTHARAO: The Reply: THANK YOU SO MUCH<br> Discussion Forum....
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