Gst sales made in 2018 but no payment received

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ARUN GUPTA (Querist)
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13 January 2023 We had made gst sales in 2018 but the party is not making payment to us. Can we reverse their ITC taken by them on our sales. Please clarify?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 January 2023 Yes, ITC has to be reversed on such sale.

ARUN GUPTA

ARUN GUPTA (Querist)
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14 January 2023 Who will reverse the ITC? IF WE AS A SELLER HAVE TO REVERSE WHAT IS THE PROCESS OF REVERSAL? PL GIVE THE PROCESS OF REVERSAL?

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ARUN GUPTA

ARUN GUPTA (Querist)
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14 January 2023 We need to know the process for reversal of ITC. PL clarify in details?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 January 2023 Only buyer has to reverse ITC in GSTR 3b.

ARUN GUPTA

ARUN GUPTA (Querist)
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14 January 2023 But the buyer is not reversing itc.

ARUN GUPTA

ARUN GUPTA (Querist)
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14 January 2023 What steps shoup be taken by us as a seller to make the buyer reverse the ITC?

ARUN GUPTA

ARUN GUPTA (Querist)
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14 January 2023 Please give the process urgently

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Gokul Sharma

Gokul Sharma (Expert)
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14 January 2023 NO...AS CREDIT NOTE ISSUE TIME PERIOD IS EXPIRED..........

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 January 2023 Inform GST official about non compliance.

ARUN GUPTA

ARUN GUPTA (Querist)
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14 January 2023 What is the time period for issuance of credit note?

ARUN GUPTA

ARUN GUPTA (Querist)
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14 January 2023 We have already informed gst officials about noncompliance but they told us time period to reverse have expired.

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 January 2023 No need to issue credit note now.
Leave it as such.

ARUN GUPTA

ARUN GUPTA (Querist)
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14 January 2023 What is the time period for issuance of credit note in gst sales?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 January 2023 It's 30th November of next financial year.

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ARUN GUPTA

ARUN GUPTA (Querist)
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15 January 2023 The scope of issuance of credit note is over now. How can ITC of party be reversed now?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 January 2023 Party has to pay GST through DRC 03.

ARUN GUPTA

ARUN GUPTA (Querist)
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16 January 2023 What is DRC 03? HOW THE ITC OF THE PARTY CAN BE REVETSED NOW?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 January 2023 It can't be reversed now.
It's voluntary payment through DRC 03 in GST portal.

ARUN GUPTA

ARUN GUPTA (Querist)
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16 January 2023 Who will make the voluntary payment then?

ARUN GUPTA

ARUN GUPTA (Querist)
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16 January 2023 How can we recover our payments from the party?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 January 2023 Your customer has to pay.
If you are MSME you can lodge complaint with MSME department

ARUN GUPTA

ARUN GUPTA (Querist)
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17 January 2023 The customer is not paying us and gst department not reversing the Itc of the party.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 January 2023 You have to write off.

ARUN GUPTA

ARUN GUPTA (Querist)
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17 January 2023 How will we write off. Will this be treated as bad debts?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 January 2023 Yes, it's bad debt..

.

ARUN GUPTA

ARUN GUPTA (Querist)
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14 February 2023 How can we recover our payments by legal process?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 February 2023 In case of SMES take it up with concern authority.
Contact legal advisor in case of non SMES.

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