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ITC reversal
what if we made the payment on 185th day to creditor,is that itc to reversed.
Replies (2)
Yes ..... as per proviso to section 16 need to reverse ITC with interest
Yes, as per proviso to Section 16 of CGST Act 2017, this ITC need to be reversed by way of adding to the output tax liability along with interest.
But can avail credit again if payment made after 180 days irrespective of the time limit mentioned in Section 16(4) for availing ITC.
But can avail credit again if payment made after 180 days irrespective of the time limit mentioned in Section 16(4) for availing ITC.
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