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 ????
CAclubindia
