TMI BlogITC against invoices paid after 180 days as per agreed termsX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, As per section 16 of CGST act . - where a recipient fails to pay to the supplier of goods or services or both, other than the supplies on which tax is payable on reverse charge basis, the amount towards the value of supply along with tax payable thereon within a period of one hundred and eighty days from the date of issue of invoice by the supplier, an amount equal to the input ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax credit availed by the recipient shall be added to his output tax liability, along with interest thereon, in such manner as may be prescribed: Provided also that the recipient shall be entitled to avail of the credit of input tax on payment made by him of the amount towards the value of supply of goods or services or both along with tax payable thereon. Few of our customers are making p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment through 180 days LC wherein we are assured for payment from buyer but after 180 days. kindly advise how they will be entitled for ITC. - Reply By Alkesh Jani - The Reply = Sir, in my view, documents on the basis of which credit can be availed are: a) Invoice issued by a supplier of goods or services or both b) Invoice issued by recipient alongwith proof of payment of tax c) A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debit note issued by supplier So the ITC can be availed on the basis of Invoice issued, the payment can be made within 180 days. Our experts may like to correct me if mistaken. - Reply By Ganeshan Kalyani - The Reply = Input tax credit need to be reversed if the invoice amount is not settled by the buyer within 180 days. The input tax credit is again becomes eligible on payment of the am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount by the buyer. - Reply By YAGAY AND SUN - The Reply = In such transactions statutory interest may be payable. - Reply By subramanian vijayakumar - The Reply = I agree with the view of kalyani sir - ITC against invoices paid after 180 days as per agreed terms - Query Started By: - MohanLal tiwari Dated:- 3-4-2018 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Kn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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