Student
2282 Points
Joined October 2017
As you said ( In the Last) you have not taken ITC of that Bill then you don't need to do anything.
Otherwise
If payment is not made (in full or part) within the span of 180 days of issuing invoice, then the amount of ITC availed (in part or full) shall be reversed, shall be added to the output tax liability ledger for the month in which the details are furnished after the expiry of 180 days and interest shall also be paid on the value of ITC reversed at the rate of 18%.
Interest shall be calculated for the number of days commencing form the date of availing ITC in the books of accounts till the date of adding the ITC to the output tax liability ledger.
If the payment is made after the reversal of availed ITC, then it can be availed as credit again. However, the interest paid shall be cost.