Input tax credit reversal required after specified period unless supplier is paid; re availment allowed on payment to supplier. A registered person who avails input tax credit on inward supplies (except reverse charge) but fails to pay the supplier the value plus tax within the statutory long stop must pay an amount equal to the ITC availed with interest when filing FORM GSTR 3B for the tax period immediately following expiry of that period; supplies without consideration and valuation additions are deemed paid for this purpose, and re availment of ITC is permitted 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 required after specified period unless supplier is paid; re availment allowed on payment to supplier.
A registered person who avails input tax credit on inward supplies (except reverse charge) but fails to pay the supplier the value plus tax within the statutory long stop must pay an amount equal to the ITC availed with interest when filing FORM GSTR 3B for the tax period immediately following expiry of that period; supplies without consideration and valuation additions are deemed paid for this purpose, and re availment of ITC is permitted 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 
Join Channel
TaxTMI 
