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Payment not made within 180 days
Is it necessary to reverse the ITC credit with interest if the payment is not made within 180 days and there is a contract obligation and the payment might have been hold...!?
Replies (3)
Yes,...... payment to party should be done within 180 days
YES....
You have to reverse the ITC if payment is not paid to the Supplier within 180 days. However you can claim it back once payment is done. But note that the INTEREST @ 18% becomes your Cost. Interest will not be refunded.
You have to reverse the ITC if payment is not paid to the Supplier within 180 days. However you can claim it back once payment is done. But note that the INTEREST @ 18% becomes your Cost. Interest will not be refunded.
This reversal of itc to be shown in which column of gstr3b
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