https://www.taxtmi.com/article/detailed?id=8487 Reversal of input tax credit is required when a recipient does not pay the supplier within the 180 day period; the recipient must add the amount to output tax liability and discharge the attendant interest under the GST statutory regime. Although the GST Council recommended waiving interest, no implementing notification has been issued, and judicial commentary treating recommendations as not self executing supports recovery of interest. In audit situations where the taxpayer disputes interest but has not reversed credit, the auditor must qualify the opinion. en-us Fri, 03 May 2019 08:52:25 +0530 Fri, 03 May 2019 08:52:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8487 Reversal of input tax credit is required when a recipient does not pay the supplier within the 180 day period; the recipient must add the amount to output tax liability and discharge the attendant interest under the GST statutory regime. Although the GST Council recommended waiving interest, no implementing notification has been issued, and judicial commentary treating recommendations as not self executing supports recovery of interest. In audit situations where the taxpayer disputes interest but has not reversed credit, the auditor must qualify the opinion. Articles Goods and Services Tax - GST Fri, 03 May 2019 08:52:25 +0530 https://www.taxtmi.com/article/detailed?id=8487