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payment timing of any invoice and its voilation

Ashish Gupta (M.Com) (62 Points)

03 February 2019

Dear sir
If I sale any one to on credit what is the payment receiving time and what happen if time is voileted?

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4 Replies

Vamshi Krishna Javvaji (CA) (410 Points)
Replied 03 February 2019

If you are the supplier, you have to fix the credit period (15/30/45/60 days) and also the conditions stating, "if the amount is not received within specified time Interest @ 15/18%..etc should be paid".

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Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 03 February 2019

As per Section 16 CGST Act if recepient does not make the payment of goods or Seevices to Supplier within 180 days has to reverse the ITC with interest on the same, will added to his Output Liability