we have taken itc for a purchase in april-2018 , the supplier due to dispute gave credit note to us in Feb -2019 .
But , we didn't reverse that ITC in FEB-2019
As we are liable to pay the ITC amount , are we also liable to pay interest on it ? If yes , what will be it's computation?
Menu
INTEREST ON ITC REVERSAL
Replies (1)
If there is dispute then you wouldn't have made the payment. Since 6 months have lapsed you need to reverse itc.
Interest rate at 18 percent
Interest rate at 18 percent
Recent Topic
- Return filing for intervening period upto date of
- EPF Withdrawal taxation
- While e filing otp not generating
- INCOME FROM CLOSING OF NSS -1992 -EXEMPT UNDER W
- GPF AND COMMUTED PENSION RECEIVED
- How do I choose the correct trademark class? Can I
- Error in totalling salary amount in AIS
- Client consent under DPDPA: Is client sharing PAN,
- TDS MISMATCH
- Rebate on other income even if LTCG is above my 12
Related Topics
CAclubindia
