I SUPPLIED GOODS TO ONE PARTY IN AUG 2017 AND PAYMENT NOT RECEIVED TILL DATE. THE CASE IS FILED IN THE LOCAL COURT FOR CHEQUE DISHONOR. SHOULD I RAISE CN FOR ITC REVERSAL NOW? WHAT TO DO IN THIS SITUATION. PLEASE HELP.
Menu
PAYMENT NOT RECEIVED FOR GOODS SUPPLY
Replies (4)
Since the matter is sub judice, no reversal to be done now I think. I assume you are referring to the ITC reversal for the customer.
If payment not received within 180 days then the buyer have to pay such ITC taken added with the output tax liability
GST Credit Note can be issued only till Sept 2018 for invoice dated in FY 2017-18. No relief for seller under GST. However, buyer is liable to reverse ITC along with interest from the date of invoice.
The goods supplied has not been returned. Only payment has not been made. The buyer should automatically reverse ITclC after 180 days. you are not required to issue a CN.
Recent Threads
- Duplicate Salary entry
- Tax audit applicability on fno, intraday
- NSDL and CDSL have not reported sales made on 28th
- Schedule FA table A2 - what to specify in amount?
- GST on Real Estate Developer | Construction Contra
- How to treat losses from f and o trading in itr
- ITR 44AD and Fno
- 44AD Future and Options
- Total Income consideration for Surcharge calculati
- CA Inter Costing best faculty
Related Threads
- Fees received in savings account
- Gstr-7 gst payment issue
- ITC on capital goods purchased for wholly taxable supplies
- Refund under zero rated supplies made without payment of tax
- Place of supply Determination for services
- ADVANCE PAYMENT Proprietor DIED
- Transfer of goods from one firm to another when they share the same godown
CAclubindia
