Is GST reversable ?

[DINESH TIWARI]

Is GST reversable in case of Payment not received on Supply of Goods/Service within six months.

AI Summary

Clarification on reversing GST input tax credit if payment isn't received within 180 days, reclaimable upon payment. A discussion on the reversibility of GST when payment for goods or services is not received within six months. Contributors clarify that if payment is not made within 180 days, the recipient must reverse the input tax credit (ITC) with interest. Once payment is made, the ITC can be reclaimed. A condition is mentioned that ITC cannot be claimed beyond September of the following financial year or the date of the annual return filing, whichever comes first. There is some confusion about the timeframe, with one participant mistakenly referencing a one-year condition.