ITC Reversal

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Trader A's GSTR 2A reflects ITC of ₹ 1,00,000- for April20, out of which he utilizes ₹ 18,000/- towards output tax for April. Let us assume that there are no purchases or sales for ne .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... xt 6 months. One of the vendors to Trader A has not been paid for more than 180 days and the ITC reported by such vendor is ₹ 20,000/- Now trader has to reverse the ITC availed to the extent .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of ₹ 20,000/-. Since there is sufficient ITC available, the trader has to only reverse the ITC, to bring down the ITC in Electronic Credit Ledger to ₹ 62,000/- (100000 - 18000 - 20000) .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... My question is whether Trader A is still liable for interest on reversal of ITC. If yes, is it on 18,000/- or 20,000/- - Reply By KASTURI SETHI - The Reply = In this scenario, interest is to be .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... paid on ₹ 20,000/-. - Reply By Himansu Sekhar - The Reply = I agree with Kasturi sir - ITC Reversal - Query Started By: - Ethirajan Parthasarathy Dated:- 16-3-2021 Goods and Services Tax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X