A registered person has purchased a tempo for transportation of goods in business and availed ITC on the same but payment will be made in installments and last installment will be due after 2 years. will it requires reversal as the payment to supplier is after 180 days or it can claims that it is NOT FAILED TO PAY , rather the terms of agreement requires???
He can only claim ITC on payment made by him and he need to reverse the proportionate part of ITC he did not paid along with interest . when he will pay full amount he can claim remaining ITC
CAclubindia
