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Payment not made within 180 days

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Accountant
3479 Points Joined August 2014
How to show reverse ITC in GSTR 3B return due to payment not made within 180 days.

How to calculate Interest for reversal of ITC

If ITC of Rs. 1000 reversed on 18.01.2018, Interest on reversal is 18% p.a. from date of invoice ? ?
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On 16 October 2018 at 08:37 Report
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GST Consultant
15986 Points Joined March 2013
Show the reversal in gstr 3b itc reversal
Interest shall be paid from the date of availing of such credit till reversal.
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On 16 October 2018 at 08:59
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Accountant
3479 Points Joined August 2014
which column of GSTR 3B
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On 16 October 2018 at 09:31
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GST Consultant
15986 Points Joined March 2013
In itc block there are two rows for reversal. One specifies rule 42/43 and one is other (misc reversals). Choose the other one.
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On 16 October 2018 at 09:35
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1167 Points Joined April 2017
Zafer sir. Agree with your comment. But if itc balance maintain in records then no need to pay the interest
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On 16 October 2018 at 09:40
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Accountant
3479 Points Joined August 2014
Thanks Mr. Zafer
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On 16 October 2018 at 09:48
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56 Points Joined April 2018

Interest on reversal of ITC for payment after 180 days was waived in 28th GST Meeting on 21.07.2018.not sure if notification for the same is published yet.

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On 16 October 2018 at 10:01
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GST Practitioner
55067 Points Joined June 2017
No its was in press release & no notification was issued , hence the its not waive off.
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On 16 October 2018 at 10:23
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7059 Points Joined January 2017
good clarification and information
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On 10 August 2019 at 14:37

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