ITC reversal for payment not made within 180 days
Any change in above rule
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Payment not made within 180days
Replies (6)
As per my view -> NO.
The rule said the ITC reversal and Collect Interest.
But, As per my view "Under the Business relationship it's not shootable / available...
The rule said the ITC reversal and Collect Interest.
But, As per my view "Under the Business relationship it's not shootable / available...
No chqnge ,... ITC has to be reversed & interest @ 24 % needs to be deposit
Agree with the above mentioned comments...
No changes have been made in the CGST ( Amendment ) Act 2018, in regards to the Provision of SECTION 16 read with Rule 37 of the CGST Rules 2017 - ITC Reversal if payment is not made to the Supplier within 180 days.
Pankaj Sir I think the Interest Rate is 18% which is to be calculated for the period starting from the date of availing credit on such supplies till the date when the amount added to the output tax liability.
No changes have been made in the CGST ( Amendment ) Act 2018, in regards to the Provision of SECTION 16 read with Rule 37 of the CGST Rules 2017 - ITC Reversal if payment is not made to the Supplier within 180 days.
Pankaj Sir I think the Interest Rate is 18% which is to be calculated for the period starting from the date of availing credit on such supplies till the date when the amount added to the output tax liability.
Thanks for all experts
@ Shivam Ji
Yes correct Its 18% as per sub clause 1 of section 50 CGST Act
Yes correct Its 18% as per sub clause 1 of section 50 CGST Act
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