Machinery puchased
credit period 36 installments
ITC availed
whether to reverse ITC being payment not made within 180 days from the date of invoice.
Any provision in this regard.
As per section 16 of the CGST act 2017 Where the goods against Invoice are received in instalments , the registered person shall be entitled to take a credit receipt of the last instalment . Input tax credit will be added back to your tax liabilities along with intrest thereon if receipent fails to pay the amount and tax thereon to the supplier within 180 days .
CAclubindia
