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payment under Gst act
if supply receiver don't make payment but take credit of input tax, what are the consequences, would he need to reverse credit??is there any time limit for payment??
Replies (2)
Yes , As per section 16 , payment not made to supplier within 180 day , input has to reverse with payment of interest 24 %
Yes.... If payment not paid within 180 days then the ITC ll reversed as per rule...
But,
In business thought it's not follow up strictly. Bcoz, the world is always Competition mode... Supplier ll be wait on further availability of Payments 😢😢😢😢😢
But,
In business thought it's not follow up strictly. Bcoz, the world is always Competition mode... Supplier ll be wait on further availability of Payments 😢😢😢😢😢
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