Question 11 - What will be the legal position in regard to the reversed input tax credit if the supplier later realises the mistake and feeds the information?
FAQ on GST dated 21.9.2016 based on Draft Model GST Chapter 12 Returns Process and matching of Input Tax Credit
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Input tax credit reinstatement permitted when supplier uploads missing invoice and pays duty and interest, triggering automatic recipient ITC restoration. If a supplier later uploads a previously omitted invoice and pays the corresponding tax and interest in the monthly return for the month of upload, and ... Summary
Input tax credit reinstatement permitted when supplier uploads missing invoice and pays duty and interest, triggering automatic recipient ITC restoration.
If a supplier later uploads a previously omitted invoice and pays the corresponding tax and interest in the monthly return for the month of upload, and provided this is done before September of the next financial year, the recipient's reversed input tax credit will be automatically restored through the GSTN matching system and interest paid by the recipient at reversal will be returned via the automated GSTN process.
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