20 October 2021
If supplier didn't collect his payment for 180 days n paid off his local mumbai gst properly, does purchaser still have to reverse itc? There is no loss to gst department then y to reverse? Supplier paid from his pocket gst
21 October 2021
180 day time period is applicable to the buyer and ultimately the buyer is responsible for payment of tax. The seller just collects it from the buyer and pays to the govt. So as I understand, if the buyer has not paid within this time period, itc to be reversed (surprisingly with interest).