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?
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?
Yes, has to pay interest on ITC availed against such transaction.
Karia Overseas
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