Balance amount not recived between six month period
This query is : Resolved
29 June 2019
Dear Sir,
If purchaser make a partly payment of item and after purchase balance amount not received by him in six month period then what the provision in Gst rules please reply
Amit Jha
If purchaser make a partly payment of item and after purchase balance amount not received by him in six month period then what the provision in Gst rules please reply
Amit Jha
30 June 2019
As per proviso to Sec. 16(2) of CGST Act, 2017, if the recipient fails to make the payment for the supplies made within 180 days from the date of invoice, then the recipient shall reverse the credit availed along with applicable interest. Important to note that the recipient should have been failed in making the payment. If the payment is not made in accordance with the terms of the contract/PO (Ex: credit period more than 6 months) then the reversal is not required.
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