ITC Reversal Due To Non-Payment Within 180 Days
If purchase from XYZ co. and he is given 5 invoices on same date and we have paid for only 3 invoices within 180 days.
Query
In that case our total ITC will be reversed or pending 2 invoices ITC will be reversed ?
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ITC Reversal Due To Non-Payment Within 180 Days
Replies (7)
pending two invoice
only two
You have to reverse the ITC of the Invoices of which no consideration has been given to the Supplier within 180 days along with Interest.
So reverse ITC of the pending two Invoices.
Warm Regards.
So reverse ITC of the pending two Invoices.
Warm Regards.
Thanks to all of you...
Can we reclaim that 2 invoices ITC after payment to supplier ?
Can we reclaim that 2 invoices ITC after payment to supplier ?
Yes on payment to vendor the ITC can be reclaimed. Further there is no time limit applicable under section 16(4) to Re-avail the said credit.
ok thanks..
Your always Welcome...
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