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Payment Beyond 180 days
Is it any rule in gst act that if party fails to pay creditors within 180 days so wouldn't be eligible to get itc for particular purchase?
Replies (3)
Yes, Refer Second Proviso to Sec 16(2) of CGST Act 2017 read with Rule 37 of CGST Rules 2017
yes , in which month u paid the amount u can take itc again but once u have to reverse the its on account of non payment within 180 days
yes proviso to sec 16(2) states that
"PAYMENT TO BE DONE WITHIN 180 days from date of invoice
if u fail to do
itc will be reversed and interest @ 18% is charged from date of credit till date of payment .
Once payment is done ITC can be reclaimed
"PAYMENT TO BE DONE WITHIN 180 days from date of invoice
if u fail to do
itc will be reversed and interest @ 18% is charged from date of credit till date of payment .
Once payment is done ITC can be reclaimed
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