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Reversal of ITC credit.
A registered person has purchased a tempo for transportation of goods in business and availed ITC on the same but payment will be made in installments and last installment will be due after 2 years. will it requires reversal as the payment to supplier is after 180 days or it can claims that it is NOT FAILED TO PAY , rather the terms of agreement requires???
Replies (6)
He can only claim ITC on payment made by him and he need to reverse the proportionate part of ITC he did not paid along with interest .
when he will pay full amount he can claim remaining ITC
when he will pay full amount he can claim remaining ITC
Perfect reply. also please advice for ITC regarding company fodding canteen run by contractor then ITC available or not.
If providing canteen facility is mandatory under any law like labour law, factory act etc. then full ITC is available. otherwise no ITC
In my view , you can claim ITC , because the payment to dealer is made by Finance company. hence the clause of 180 Days not applicable
Rittick agarwal kindly quote the section for ref please. thanks in advance
Reversal of ITC is written in second proviso to section 16
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