Input tax credit reversal required where credit remains unpaid to supplier, with re availment allowed on subsequent payment. Amendments revise registration compliance by deeming non filing for six continuous months (monthly filers) or two tax periods (quarterly filers) as specified, remove references to the recipient return and omit several rules and forms, and reform input tax credit administration by requiring payment of an amount equal to credit availed (plus interest) where supplier payment is not made within the prescribed period, with entitlement to re avail credit on subsequent supplier payment; interest computation and procedures for re crediting erroneous refunds to the electronic credit ledger are also specified.
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 where credit remains unpaid to supplier, with re availment allowed on subsequent payment.
Amendments revise registration compliance by deeming non filing for six continuous months (monthly filers) or two tax periods (quarterly filers) as specified, remove references to the recipient return and omit several rules and forms, and reform input tax credit administration by requiring payment of an amount equal to credit availed (plus interest) where supplier payment is not made within the prescribed period, with entitlement to re avail credit on subsequent supplier payment; interest computation and procedures for re crediting erroneous refunds to the electronic credit ledger are also specified.
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