Reversal of gst - input tax credit taken earlier
This query is : Resolved
Rakhi Sonalkar
(Querist)
20 June 2018
In case of reversal of input tax credit, if its not paid within 180 days from date of issue of invoice then after 180 days liable for reversal.
My doubt is in that rules is given as failing which the amount of credit availed by the recipient would be added to his output tax liability, with interest [rule 37(1) & (2)], so interest is payable in every case of reversal or only in case of liability is payable ????
My doubt is in that rules is given as failing which the amount of credit availed by the recipient would be added to his output tax liability, with interest [rule 37(1) & (2)], so interest is payable in every case of reversal or only in case of liability is payable ????
Dibin Divyakumar
(Expert)
20 June 2018
Interest is payable through cash ledger.
Udaya Chandran
(Expert)
20 June 2018
Interest will be paid on the ITC taken earlier which is now reversed due to non payment of amount.
Rakhi Sonalkar
(Querist)
21 June 2018
In case of Input tax credit available also ???
Ya only in case of Gst payable???
Ya only in case of Gst payable???
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