TMI BlogReversal of input tax credit in the case of non-payment of considerationX X X X Extracts X X X X X X X X Extracts X X X X ..... ich tax is payable on reverse charge basis, but fails to pay to the supplier thereof, the amount towards the value of such supply 4 [ , whether wholly or partly, ] along with the tax payable thereon, within the time limit specified in the second proviso to sub-section(2) of section 16, shall pay 5 [ or reverse ] an amount equal to the input tax credit availed in respect of such supply 6 [ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed person subsequently makes the payment of the amount towards the value of such supply along with tax payable thereon to the supplier thereof, he shall be entitled to re-avail the input tax credit referred to in sub-rule (1). ] 3 [ **** ] (4) The time limit specified in sub-section (4) of section 16 shall not apply to a claim for reavailing of any credit, in accordance with the provisio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FORM GSTR-2 for the month immediately following the period of one hundred and eighty days from the date of the issue of the invoice: Provided that the value of supplies made without consideration as specified in Schedule I of the said Act shall be deemed to have been paid for the purposes of the second proviso to sub-section (2) of section 16. 1 [ Provided further that the value of suppl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in sub-rule (2), is paid. 4. Inserted vide NOTIFICATION No. 26/2022 Central Tax dated 26-12-2022 w.e.f. 01-10-2022 5. Inserted vide NOTIFICATION No. 26/2022 Central Tax dated 26-12-2022 w.e.f. 01-10-2022 6. Inserted vide NOTIFICATION No. 26/2022 Central Tax dated 26-12-2022 w.e.f. 01-10-2022 - - statute, statutory provisions legislation, law, enactment, Acts, Rules ..... X X X X Extracts X X X X X X X X Extracts X X X X
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