Itc reversal

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43 Points Posted on 14 December 2020
Do i have to reverse the itc of the creditors with whom there has been no business for more than 6 months
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On 14 December 2020 at 14:39 Report
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If you've booked Input Tax Credit (ITC) against an expense but haven't paid the creditor within 180 days, you must reverse the ITC. You can reclaim this tax once the payment is made. This applies even if there's been no business with the creditor for over six months.

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Accountant
198 Points Posted on 14 December 2020

Yes if TCS has been booked against expenditure and payment no processed to creditor within 6 months then ITC have to be reversed. 

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On 14 December 2020 at 14:41
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79 Points Posted on 14 December 2020
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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On 14 December 2020 at 15:40

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