PAYMENT NOT SEND IN 180 DAYS
This query is : Resolved
16 November 2024
I HAVE PURCHASE GOODS BUT I NOT PAID AMOUNT IN 180 DAYS DUE TO POOR QUALITY OF GOODS ALSO I NOT REVERSE THE INPUT BY MISTAKE.PLEASE ADVICE ME WHAT WILL BE FINE OR PENALTY?
16 November 2024
Reverse ITC no penalty.
17 November 2024
Respected sir,
payment has been done but after 180 days still i have to reverse input?
payment has been done but after 180 days still i have to reverse input?
17 November 2024
In the second proviso to Section 16(2) it sets out that ITC to be reversed with interest where the recipient of goods/services fails to pay the consideration with tax to the supplier within a period of 180 days from the date of issue of the invoice by the supplier.
You can claim ITC after making payment.
You can claim ITC after making payment.
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