Often PO terms state a part of payment eg retention portion be released after a year. Then can we take full ITC or proportionate to payments released
Please guide wrt domestic and foreign PO.
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Reversal of ITC if no payment to supplier within 180 days
Replies (3)
Even if the PO terms contain that payment can be done after 180 days still you will have to reverse your ITC and then reclaim it once payment made.
Thanks. Knowingly , when PO itself is clear about payment terms, is it lawful to take 100% ITC initially ? Rationally, one should take proportionate credit only.
About interest, what rate and from when, it will accrue.
What is difference between commercial credit note and other credit note?
Yes it is totally legal to take 100% ITC if conditions of section 16(2) fulfilled even if payment is made later.
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