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Writing off of old creditors balance

1031 views 11 replies
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8 Points Joined September 2021
Is there any GST levy on such write back?
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On 28 April 2022 at 20:07 Report
Replies (11)
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GST Practitioner & Accounts
15083 Points Joined March 2014
Apply for Advance ruling under section 97(e) of the CGST act 2017 .
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On 28 April 2022 at 21:31
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CFO- at NHTF
58280 Points Joined August 2012
If ITC was availed then you must pay the GST atleast to the extent of ITC availed
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On 29 April 2022 at 07:49
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Profession Business
28196 Points Joined May 2017
Itc availment conditions:
1. gst paid or not
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On 29 April 2022 at 09:02
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CFO- at NHTF
58280 Points Joined August 2012
If it's available in GSTR-2B ITC can be claimed irrespective of payment
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On 29 April 2022 at 09:26
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Employee Private
1913 Points Joined July 2017

There is no levy of Creditor's balance Written Back. But  you have to reverse the ITC availed.

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On 29 April 2022 at 12:49
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Employee Private
1913 Points Joined July 2017

There is no levy of Creditor's balance Written Back. But  you have to reverse the ITC availed.

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On 29 April 2022 at 12:50
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GST Practitioner
55067 Points Joined June 2017
As per Rule 37(1) , if the credit has been availed on inward supply & payment for the same is not made within 180 days , the ITC in proportion to be reversed.

So in reference to above provision , you cannot write off the balance, need to reverse the ITC also.
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On 29 April 2022 at 14:50
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Profession Business
28196 Points Joined May 2017
Sec 7 does not explain such written back as sale or supply , SEC 16(2) of cgst act implies payment of input as outward liability.
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On 29 April 2022 at 16:37
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CFO- at NHTF
58280 Points Joined August 2012
ITC if availed should be paid at the time of writing back creditors
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On 29 April 2022 at 20:02
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Profession Business
28196 Points Joined May 2017
The point is not availing itc but it can be availed only if it is paid.
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On 30 April 2022 at 08:11
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CFO- at NHTF
58280 Points Joined August 2012
One must apply brain while pointing out others..Check above replies once ..

If a person availed ITC on creditors at the time of purchase then it should be paid back to government of the invoice is cancelled or not recoverable either through reversal of ITC or
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On 30 April 2022 at 08:32

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