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Payment not made within 180days

Jatin (Accountant) (3479 Points)

19 September 2018

ITC reversal for payment not made within 180 days

Any change in above rule

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6 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 19 September 2018

As per my view -> NO.

The rule said the ITC reversal and Collect Interest.
But, As per my view "Under the Business relationship it's not shootable / available...

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Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 19 September 2018

No chqnge ,... ITC has to be reversed & interest @ 24 % needs to be deposit

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Shivam RC (Student) (23683 Points)
Replied 20 September 2018

Agree with the above mentioned comments...

No changes have been made in the CGST ( Amendment ) Act 2018, in regards to the Provision of SECTION 16 read with Rule 37 of the CGST Rules 2017 - ITC Reversal if payment is not made to the Supplier within 180 days.

Pankaj Sir I think the Interest Rate is 18% which is to be calculated for the period starting from the date of availing credit on such supplies till the date when the amount added to the output tax liability.

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