Writing off of old creditors balance
Raj Toshniwal (8 Points)
28 April 2022
Is there any GST levy on such write back?
11 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14851 Points)
Replied 28 April 2022
Apply for Advance ruling under section 97(e) of the CGST act 2017 .
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 29 April 2022
If ITC was availed then you must pay the GST atleast to the extent of ITC availed
sabyasachi mukherjee
(27682 Points)
Replied 29 April 2022
Itc availment conditions:
1. gst paid or not
1. gst paid or not
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 29 April 2022
If it's available in GSTR-2B ITC can be claimed irrespective of payment
Rajendra Prasad
(Employee Private)
(1901 Points)
Replied 29 April 2022
There is no levy of Creditor's balance Written Back. But you have to reverse the ITC availed.
Rajendra Prasad
(Employee Private)
(1901 Points)
Replied 29 April 2022
There is no levy of Creditor's balance Written Back. But you have to reverse the ITC availed.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 29 April 2022
As per Rule 37(1) , if the credit has been availed on inward supply & payment for the same is not made within 180 days , the ITC in proportion to be reversed.
So in reference to above provision , you cannot write off the balance, need to reverse the ITC also.
So in reference to above provision , you cannot write off the balance, need to reverse the ITC also.
sabyasachi mukherjee
(27682 Points)
Replied 29 April 2022
Sec 7 does not explain such written back as sale or supply , SEC 16(2) of cgst act implies payment of input as outward liability.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 29 April 2022
ITC if availed should be paid at the time of writing back creditors
sabyasachi mukherjee
(27682 Points)
Replied 30 April 2022
The point is not availing itc but it can be availed only if it is paid.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 30 April 2022
One must apply brain while pointing out others..Check above replies once ..
If a person availed ITC on creditors at the time of purchase then it should be paid back to government of the invoice is cancelled or not recoverable either through reversal of ITC or
If a person availed ITC on creditors at the time of purchase then it should be paid back to government of the invoice is cancelled or not recoverable either through reversal of ITC or
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