ITC reversal or not in following situation:
Date of Invoice 01.08.2017
Date of Payment 20.01.2018 by cheque
Date of cheque clearing 15.02.2018 (after 180 days)
8 Replies
MURALI NADIMINTI
(502 Points)
Replied 12 June 2018
ITC reversal not required. because it is less than days. because receipt has been raised with in 180 days in our books. clearing out of books.
Jatin
(Accountant)
(3479 Points)
Replied 12 June 2018
@ Mr. Murali & Pankaj
Difference between cheque issued & clearing 26 days
Any problem arise
Difference between cheque issued & clearing 26 days
Any problem arise
Vinod Babu
(24191 Points)
Replied 12 June 2018
I think it depends upon the term and conditions with buyer and seller.
MURALI NADIMINTI
(502 Points)
Replied 13 June 2018
when cheque is cleared 15 the Feb. no issue. are useing tally or SAP?
Nayee Maulik
(14 Points)
Replied 13 June 2018
sir in gst regime the ITC reversed only when payment not made in 180 days to supplier. Here we make payment within 180 days hence no requirement for reversal.
MURALI NADIMINTI
(502 Points)
Replied 13 June 2018
the cheque is honoured on 15.02.18. hence no need to required reversal ITC.
receipt accounted on 20.01.18. it is within time line. no question of reversal
receipt accounted on 20.01.18. it is within time line. no question of reversal
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