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Is GST reversable ?, Goods and Services Tax - GST

Issue Id: - 113673
Dated: 25-4-2018
Is GST reversable ?

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Is GST reversable in case of Payment not received on Supply of Goods/Service within six months.

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Showing Replies 1 to 8 of 8 Records

1 Dated: 25-4-2018

Relevant extract from C.B.E. & C. Flyer No. 19, dated 1-1-2018

(f) He should pay the supplier the value of the goods or services along with the tax within 180 days from the date of issue of invoice, failing which the amount of credit availed by the recipient would be added to his output tax liability, with interest [rule 2(1) & (2) of ITC Rules]. However, once the amount is paid, the recipient will be entitled to avail the credit again. In case part payment has been made, proportionate credit would be allowed.

2 Dated: 27-4-2018

Thank u Sir smiley

3 Dated: 27-4-2018
By:- Ganeshan Kalyani

The recipient of goods or services shall have reverse the input tax credit that he has taken on inward supply of goods or services if he fails to pay to the supplier of goods or service the value of invoice with GST within the period of 180 days. Thanks.

4 Dated: 28-4-2018

Such ITC needs to be reversed along with interest and after receiving the payment ITC along with interest needs to be availed again.

5 Dated: 29-4-2018

Yes. ITC is to be reversed and interest is to be paid. If it is paid the credit may be again taken subject to the condition that one year shall not be lapsed from the date of invoice.

6 Dated: 2-5-2018
By:- Brijesh Verma

Respected Govindrajan Sir

Kindly throw some more light on the "ONE YEAR FROM INVOICE DATE" condition.

7 Dated: 2-5-2018


Here is a question of 180 days and not one year.

8 Dated: 2-5-2018
By:- YAGAY and SUN

After the receiving of full payment the limitation to avail ITC would be like this:

No ITC beyond September of the following FY to which invoice pertains or date of filing of annual return, whichever is earlier.


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