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?
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Reversal of ITC when supplier is not paid within 180 days
Replies (1)
Yes, has to pay interest on ITC availed against such transaction.
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