ITC REVERSED AGAINST NON PAYMENT OF BILLS
This query is : Open
15 June 2020
Sir, as per GST rule, ITC is reversed if any bill is not paid within 180 days.
But sir, if any bills are pending of the period before introduction of GST and on which VAT input was taken by me, what will be the position ?
But sir, if any bills are pending of the period before introduction of GST and on which VAT input was taken by me, what will be the position ?
20 June 2020
As per the law, we have to reverse the Input tax credit of GST if payment is not made with in 180 days. If we have not taken the credit under GST regime, then there is no reversal
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