IS INTEREST WILL BE LEVIED U/S 50 FOR DEFAULT IN MAKING PAYMENT TO SUPPLIER WITHIN 180 DAYS

[PRAVEEN SONI]

IS INTEREST WILL BE LEVIED U/S 50 FOR DEFAULT IN MAKING PAYMENT TO SUPPLIER WITHIN 180 DAYS?

AI Summary

Interest Charged Under Section 50 for Unpaid ITC Beyond 180 Days Per Rule 37 CGST Rules. Interest will be levied under Section 50 if the Input Tax Credit (ITC) is availed on the value of goods or services received but remains unpaid, including tax, for more than 180 days from the invoice date, according to Rule 37 of the Central Goods and Services Tax (CGST) Rules.