TaxTMI 
TaxTMI 
Is GST reversable in case of Payment not received on Supply of Goods/Service within six months.
Is GST reversable ?
25 Apr 2018 
8 Replies 
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Reversal of input tax credit: recipient must reverse credit if payment isn't received within the statutory period; reclaim after payment.
If a recipient fails to pay the supplier within the prescribed period, the recipient must reverse the input tax credit taken on that inward supply and pay interest; upon payment to the supplier the recipient may re avail the credit, and proportionate credit is allowed for partial payments, subject to existing temporal limits on claiming ITC under return filing rules. (AI Summary)
If a recipient fails to pay the supplier within the prescribed period, the recipient must reverse the input tax credit taken on that inward supply and pay interest; upon payment to the supplier the recipient may re avail the credit, and proportionate credit is allowed for partial payments, subject to existing temporal limits on claiming ITC under return filing rules. (AI Summary)