Can anyone suggest is there any circular regarding non levy of interest on reversal of ITC claimed if the payment is not made within 180 days. Please clarify is there any circular/notification regarding this and if yes, please provide the same.
6 Replies
Sarath Rajendran
(Nil)
(2791 Points)
Replied 07 January 2019
If the purchaser not made payment with in 180 days he must reverse the input already claimed and pay 24% interest.
Sarath Rajendran
(Nil)
(2791 Points)
Replied 07 January 2019
If the purchaser not made payment with in 180 days he must reverse the input already claimed and pay 24% interest.
Anil Bezawada
(Partner)
(53 Points)
Replied 07 January 2019
Interest @ 18% will apply in terms of Section 50(1) of GST Act, 2018. No Circular so far issued giving the immunity from interest liability in this case.
Jatin
(Accountant)
(3479 Points)
Replied 08 January 2019
How to pass entry for reversal of ITC due to payment not made within 180 days & How to show in GSTR 3B return, please advise
sajid
(accountant)
(50 Points)
Replied 08 January 2019
GSTR 3B. Table 4 (B) (2). Reversal of itc others
Recent Topics
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- Nznxnc call me at the end of the day of the
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
Related Threads
CAclubindia
