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PAYMENT NOT SEND IN 180 DAYS

This query is : Resolved 
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(Querist)
16 November 2024 I HAVE PURCHASE GOODS BUT I NOT PAID AMOUNT IN 180 DAYS DUE TO POOR QUALITY OF GOODS ALSO I NOT REVERSE THE INPUT BY MISTAKE.PLEASE ADVICE ME WHAT WILL BE FINE OR PENALTY?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
16 November 2024 Reverse ITC no penalty.
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jaigurudev

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jaigurudev (Querist)
17 November 2024 Respected sir,
payment has been done but after 180 days still i have to reverse input?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 November 2024 In the second proviso to Section 16(2) it sets out that ITC to be reversed with interest where the recipient of goods/services fails to pay the consideration with tax to the supplier within a period of 180 days from the date of issue of the invoice by the supplier.

You can claim ITC after making payment.
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