Input tax credit reversal deadline: amendment mandates reversal if supplier not paid within statutory period, with re claim on payment. Amendments consolidate reporting into FORM GSTR-3B by removing references to FORM GSTR-2 and certain forms, introduce deactivation for registrants failing to file returns for prescribed continuous periods, and require reversal in FORM GSTR-3B of input tax credit availed on inward supplies (excluding reverse-charge supplies) where the recipient does not pay the supplier within the statutory period; such reversed credit with interest may be re availed upon subsequent payment to the supplier.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Input tax credit reversal deadline: amendment mandates reversal if supplier not paid within statutory period, with re claim on payment.
Amendments consolidate reporting into FORM GSTR-3B by removing references to FORM GSTR-2 and certain forms, introduce deactivation for registrants failing to file returns for prescribed continuous periods, and require reversal in FORM GSTR-3B of input tax credit availed on inward supplies (excluding reverse-charge supplies) where the recipient does not pay the supplier within the statutory period; such reversed credit with interest may be re availed upon subsequent payment to the supplier.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
