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 Threads
- ITR-2 Payment Made but Status Not Updated
- Need help for ITR filing
- ITR Updated returns. Time limit for filing
- ITR 2 Processed and Refund Credited to Bank
- Freelancer or Salaried
- LTCG Tax & Indexation on Debt Mutual Funds Sol
- Section 45(5A) and 194IC with carry forward of tds
- Paid tax amount, CIN generated and challan downloa
- INTRADAY INCOME PRESUMPTIVE INCOME
- Clarification on Deemed Export Status for EOU-to-E
Related Threads
CAclubindia
