Itc reversal if payment not made within 180days

S Sridharan (accountant) (40 Points)

23 June 2018  

As I understood if payment is not made to suppliers with in 180 days then the ITC is to be reversed. What is the procedure for MACHINERY purchased in Credit and Hire Purchase Installments (36 months). Whether ITC on machinery to be reversed on the expiry of 180days