180 Days Credit tobe Reversed
27 October 2021
If payment not made with in 180 days to the vendor, where as vendor filed the GST Returns, and the same if showing in GSTR 2B..
My query is whether we have to reverse the ITC, as we have claimed ITC, Auditor is objecting to reverse the ITC
Is there is any case laws supporting..
28 October 2021
No case law supporting. Reverse ITC and claim when you make payment.
31 October 2021
Yes you will have to reverse it and on making payment you can reclaim ITC. On reversing ITC you will have also have to pay interest.