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Gst itc reversal on non payment to the supplier in 180 days

ITC / Input 663 views 4 replies

WHAT DO WE INFER FROM THE BELOW STATEMENT WHICH IS SHOWN UNDER comparative-summary-of-key-21-gst-amendments-as-passed-by-lok-sabha IN AUG 2018.

B. Proposal to delete interest applicability when GST ITC is reversed for non-payment of invoice amount after 6 months from date of invoice does not find place in the CGST Amendment Bill. 

Replies (4)
if payment to supplier is not made within 180 days the ITC avail has to be reverse with interest of 24℅ , but till date the interest is applicable , & no notification in this regard from CBEC

it is 18% not 24%, how is it 24%? plz explain

YES ITS 18% AS PER SECTION 50(1) CGST ACT

ITS PROPSAL ONLY NOT IN AMENDED ACT (NO.31 OF 2018) , DT. 29.8.18


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