Requirements of Reversing ITC for non payment within 180 days

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Accountant
75 Points Posted on 04 September 2020
Is it required to reverse ITC when rule provide it is to be done in GSTR 2. And GSTR2 is itself not functional.
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On 04 September 2020 at 15:50 Report
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This discussion clarifies the requirement to reverse Input Tax Credit (ITC) when payments are not made within 180 days. Despite the GSTR-2 portal not being functional, the consensus is that reversal of ITC is mandatory as per GST rules. This ensures compliance even with system limitations.

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1167 Points Posted on 04 September 2020
Yes reversal is must
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On 04 September 2020 at 22:07
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Finance/Compliance Consultant
69447 Points Posted on 05 September 2020
Yes. As per rule it needs to be reversed
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On 05 September 2020 at 09:48

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