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Itc reversal
Do i have to reverse the itc of the creditors with whom there has been no business for more than 6 months
Replies (2)
Quick Summary
Yes if TCS has been booked against expenditure and payment no processed to creditor within 6 months then ITC have to be reversed.
If u have note paid the amount to creditor within 180 days then u have to reverse the input tax. and whenever u pay the same then u can claim the tax.
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