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of <h1>Rule 37: Reverse Input Tax Credit if Supplier Not Paid Within 180 Days; Interest Applies Until Payment Made.</h1> Under Rule 37 of the Central Goods and Services Tax Rules, 2017, a registered person who avails input tax credit (ITC) on inward supplies must pay the supplier the value of the supply and tax within a specified period. If payment is not made within 180 days from the invoice date, the person must reverse the ITC proportionate to the unpaid amount and pay interest. Once payment is made, the person can re-avail the ITC. The time limit for re-availing credit does not apply if the credit was previously reversed. Supplies without consideration are deemed paid for ITC purposes.
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