please explain in detail whats the due date according to sec 16(4),i am not getting it.
when I shall have to reverse itc if i file return after due date
ITC is available for 1 year. but whats this due date about.
THANKS IN ADVANCE.
Reversal of itc in case of filing return after due date?
Replies (1)
There is no specific due date for reversal of ITC in case of return filed after due date.
This is pertaining to 11.A.(a) – Amount in terms of rule 37(2) in GSTR 2 As a dealer, you would have availed ITC on inward supplies. But if you fail to pay the invoice amount to the supplier within 180 days the ITC has to be reversed. If part of the invoice is paid the ITC will be reversed on a proportionate basis. The ITC reversed has to be added to output liability. This has to be mentioned in column 2. Also, amount of ITC to be reversed should be further segregated into IGST, CGST, SGST and Cess and entered in column 3, 4, 5 and 6.
This is pertaining to 11.A.(a) – Amount in terms of rule 37(2) in GSTR 2 As a dealer, you would have availed ITC on inward supplies. But if you fail to pay the invoice amount to the supplier within 180 days the ITC has to be reversed. If part of the invoice is paid the ITC will be reversed on a proportionate basis. The ITC reversed has to be added to output liability. This has to be mentioned in column 2. Also, amount of ITC to be reversed should be further segregated into IGST, CGST, SGST and Cess and entered in column 3, 4, 5 and 6.
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