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What is the rule for ITC Reversal for payment after 180 days?

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What is the rule for ITC Reversal for payment after 180 days?

  • This topic has 1 reply, 2 voices, and was last updated 2 months ago by gstdoctor.
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  • #981
    Milan Tiwari
    Participant

    What is the rule for ITC Reversal for payment after 180 days?

    #988
    gstdoctor
    Keymaster

    When the taxable person is not able to pay his supplier within 180 days, he has to reverse the ITC taken on that invoice. The relevant rules are Rule 37 of CGST Rules and also second proviso to section 16(2) of CGST Act 2017.

    For more information, read ITC Reversal for payment after 180 days.

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