Is GST reversable ?

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Is GST reversable ?
Query (Issue) Started By: - DINESH TIWARI Dated:- 25-4-2018 Last Reply Date:- 2-5-2018 Goods and Services Tax - GST
Got 8 Replies
GST
Is GST reversable in case of Payment not received on Supply of Goods/Service within six months. Reply By KASTURI SETHI: The Reply: Relevant extract from C.B.E. & C. Flyer No. 19, dated 1-1-2018 (f) He should pay the supplier the v .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... alue 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 w .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ould be allowed. Reply By DINESH TIWARI: The Reply: Thank u Sir Reply By Ganeshan Kalyani: The Reply: 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. Reply By YAGAY AND SUN: The Reply: .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Such ITC needs to be reversed along with interest and after receiving the payment ITC along with interest needs to be availed again. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: 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. Reply By Brijesh Verma: The Reply .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... : Respected Govindrajan Sir Kindly throw some more light on the "ONE YEAR FROM INVOICE DATE" condition. Reply By KASTURI SETHI: The Reply: Sir, Here is a question of 180 days and not one year. Reply By YAGAY and SUN: The Reply: 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 pertain .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s or date of filing of annual return, whichever is earlier.
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X