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input tax credit

ITC / Input 194 views 7 replies
as per proviso to section 16(2)(d) if receipient does not pay to supplier of Goods or service within 180 days from the invoice date then he should add the input tax credit taken on that good or service to his tax liability. How will we account this in our books ?
where expense will be booked ??
Replies (7)

Tax Exp Dr.

To ITC(Subject to availability of balance)/Tax liability

(Being ITC reversed as per proviso to section..../ tax liability raised as per proviso to section....)

Thank You Shivan :)

You're always welcome:)

one more thing whether we need to revise the returns also ??

Return cannot be revised at the moment. You have to disallow the portion of ITC so reversed in your subsequent GSTR3B return. 

Yes reverse it in subsequent month.

okay. thank you Jeeva and Shivam :)


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