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 Topic
- Shift of Place of Business from one state to anoth
- Form 10E u/s. 89(1). Need clarification because Ex
- Long Term Capital Loss - Tata Capital unlisted sha
- Section 54F deduction - GST and Stamp Duty cost wh
- Professional Crossed 20 Laks in Dec 26 Failed to T
- F&O in ITR
- CA Final Self pace Module
- Query Regarding House Ownership Transfer Reflected
- Money transction within Family
- ITR-2 salary breakup updation
Related Topics
CAclubindia
