ITC Reversal if recipient fails to pay to the Supplier



Description:
In GST Law provision has been made for reversal of ITC where payment to vendor is not made in 180 days. Below is the clarification with example on the relevant provision:- ITC availed will be reversed in case of non-payment of consideration within 180 days from the date of Issue Invoice and shall be added to output tax liability along with Interest @ 18% p.a. Interest Computation will be done from the date of credit availed and up-to the date of Reversal. #pdf

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  on 25 April 2019

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