TaxTMI 
TaxTMI 
TaxTMI 
Hi
I have claimed ITC of ₹ 18,000/- in the month of March,2019 but supplier payment has done on March, 2020. According to provision i have to reverse the ITC within 180 days but i couldn't do as so. I have file my 3B Return till Jan,2020 with no reversal of such ITC which has claimed.
Please suggest the action should be taken now for above default.
Thanks
Reversal of ITC
Jitendra Sahu
Reversal of ITC Required After 180-Day Payment Delay: Pay Interest as per Section 16(2) and Rule 37(3) of CGST. A participant in a discussion forum inquired about the reversal of Input Tax Credit (ITC) under the Goods and Services Tax (GST) regime, having claimed ITC of 18,000 in March 2019 but paid the supplier in March 2020, exceeding the 180-day limit. Respondents advised reversing the ITC in the next return and paying interest from the date ITC was initially claimed until its reversal, as per Section 16(2) of the CGST Act, 2017, and Rule 37(3) of the CGST Rules. The consensus was that only interest is payable due to the delay in payment. (AI Summary)