We know that as per Rule 37(1) of CGST, if supplier is not paid within 180 days, ITC is to be reversed and Interest thereof is also payable U/s 50.
Now If we reverse ITC before 180 days, should we be liable to pay interest?
Menu
Reversal of ITC when supplier is not paid within 180 days
Replies (1)
Yes, has to pay interest on ITC availed against such transaction.
Recent Topic
- OTP ENTERED BUT NOT PROCESS THE RETURN
- Form 16 Includes Salary Recovered Towards Notice P
- Altera INTC
- Itr schema a.y 26-27 v/s form no.16
- Advance Tax for senior citizen with small speculat
- Zero income tax on Capital Gain on sale of house p
- Rental income calculation for 12months
- PF Withdrawal before completing 5 years
- Discrepancy in "Processed By Source" and
- Dilemma of Indian Dependant Housewives
Related Topics
CAclubindia
