ITC Reversal Due To Non-Payment Within 180 Days
If purchase from XYZ co. and he is given 5 invoices on same date and we have paid for only 3 invoices within 180 days.
Query
In that case our total ITC will be reversed or pending 2 invoices ITC will be reversed ?
7 Replies
Shivam RC
(Student)
(23683 Points)
Replied 12 July 2019
You have to reverse the ITC of the Invoices of which no consideration has been given to the Supplier within 180 days along with Interest.
So reverse ITC of the pending two Invoices.
Warm Regards.
So reverse ITC of the pending two Invoices.
Warm Regards.
sagar
(accountant)
(33 Points)
Replied 12 July 2019
Thanks to all of you...
Can we reclaim that 2 invoices ITC after payment to supplier ?
Can we reclaim that 2 invoices ITC after payment to supplier ?
Nandini H Gupta
(Chartered Accountant )
(369 Points)
Replied 12 July 2019
Yes on payment to vendor the ITC can be reclaimed. Further there is no time limit applicable under section 16(4) to Re-avail the said credit.
Recent Topics
- Softex For freelancer ?
- GST ON REIUMBURSEMENT ENTRY ON GST PORTAL
- Missing invoice in gst
- GST on consultancy
- Linking adhaar to UAN without employer
- WHETHER ITC REVERSAL TH. GSTR 3B OR DRC03
- Advance Tax For Freelancers
- Is fvu 8.8 version available ?
- Interest and penalty on advance tax shortfall
- Joint Account with 3 legal heirs.......
Related Threads
CAclubindia
