Hy All
we purchased some material from a supplier of Rs 64500... on 18.6.21 untill now he didn't not file his GSTR1
we taken input in same month
would it's attract ITC REVERSAL if he not file his return
Menu
ITC REVERSAL with interest
Replies (1)
You cannot claim ITC if the supplier does not file GSTR-1, as it will not reflect in your GSTR-2B. If you have already claimed it and the supplier fails to pay the corresponding tax in their GSTR-3B by the statutory deadline, you are required to reverse that ITC, or you will be liable for the tax plus 24% annual interest. You can re-claim this credit once the supplier completes their filing and payment.
Recent Topics :
- Foreign remittance
- Affordable Residential Flats in Gurgaon
- Manufacturing
- TAN REGISTRATION ON E-FILLING SITE
- Form 10-IEA – Continuing Old Regime
- Income tax act 2026
- Belated Return where Form 10IEA filed this year to
- GST Reconciliation Tool (2A vs Books) - looking fo
- TDS ON PF FORM 19 WITHDRAWAL
- Can a virtual office in Mumbai be used for company
Related Topics :
CAclubindia
