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.
Gangeshwar (proprietor) (136 Points)
07 January 2019Can 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.
Sarath Rajendran
(Nil)
(2791 Points)
Replied 07 January 2019
If the purchaser not made payment with in 180 days he must reverse the input already claimed and pay 24% interest.
Sarath Rajendran
(Nil)
(2791 Points)
Replied 07 January 2019
If the purchaser not made payment with in 180 days he must reverse the input already claimed and pay 24% interest.
Anil Bezawada
(Partner)
(53 Points)
Replied 07 January 2019
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.
Jatin
(Accountant)
(3479 Points)
Replied 08 January 2019
sajid
(accountant)
(50 Points)
Replied 08 January 2019
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