we have taken itc for a purchase in april-2018 , the supplier due to dispute gave credit note to us in Feb -2019 .
But , we didn't reverse that ITC in FEB-2019
As we are liable to pay the ITC amount , are we also liable to pay interest on it ? If yes , what will be it's computation?
If there is dispute then you wouldn't have made the payment. Since 6 months have lapsed you need to reverse itc.
Interest rate at 18 percent
CAclubindia
