Can anyone suggest is there any circular regarding non levy of interest on reversal of ITC claimed if the payment is not made within 180 days. Please clarify is there any circular/notification regarding this and if yes, please provide the same.
Menu
Interest on reversal of gst itc
Replies (6)
If the purchaser not made payment with in 180 days he must reverse the input already claimed and pay 24% interest.
If the purchaser not made payment with in 180 days he must reverse the input already claimed and pay 24% interest.
Interest @ 18% will apply in terms of Section 50(1) of GST Act, 2018. No Circular so far issued giving the immunity from interest liability in this case.
thanks to all.
How to pass entry for reversal of ITC due to payment not made within 180 days & How to show in GSTR 3B return, please advise
GSTR 3B. Table 4 (B) (2). Reversal of itc others
Recent Threads
- Missed GST Reporting for March 2025
- Future and Option Turnover
- Outstanding demand
- Error in filing income tax return
- DRAFT - DIRECTOR's REPORT OF BASE LAYER NBFC
- Amt of LTCG required to be reinvested on house pro
- Charity Commissioner of Maharashtra site error
- GST under my personal name
- FORM 26QB CORRECTION DATE OF PAYMENT/CREDIT
- Which TDS section Applicability - Education suppor
Related Threads
CAclubindia
