We know that as per Rule 37(1) of CGST, if supplier is not paid within 180 days, ITC is to be reversed and Interest thereof is also payable U/s 50.
Now If we reverse ITC before 180 days, should we be liable to pay interest?
Kallol Sarkar (Accountant) (188 Points)
15 March 2024We know that as per Rule 37(1) of CGST, if supplier is not paid within 180 days, ITC is to be reversed and Interest thereof is also payable U/s 50.
Now If we reverse ITC before 180 days, should we be liable to pay interest?
Rajendra Prasad
(Employee Private)
(1860 Points)
Replied 16 March 2024
Yes, has to pay interest on ITC availed against such transaction.
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