https://www.taxtmi.com/article/detailed?id=9317 Failure to pay the value of an inward supply together with the tax charged within the stipulated period under the proviso to section 16(2)(d) triggers reversal of Input Tax Credit by the recipient, together with interest, until the outstanding amount and tax are paid, at which point the recipient may re avail the credit; proportionate ITC must be reversed where ledger entries show unpaid amounts due to disputes or contractual retention, unless the recipient adopts permitted measures such as issuing a financial debit note or settling retention across invoices before the payment period expires. en-us Wed, 01 Jul 2020 07:52:24 +0530 Wed, 01 Jul 2020 07:52:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9317 Failure to pay the value of an inward supply together with the tax charged within the stipulated period under the proviso to section 16(2)(d) triggers reversal of Input Tax Credit by the recipient, together with interest, until the outstanding amount and tax are paid, at which point the recipient may re avail the credit; proportionate ITC must be reversed where ledger entries show unpaid amounts due to disputes or contractual retention, unless the recipient adopts permitted measures such as issuing a financial debit note or settling retention across invoices before the payment period expires. Articles Goods and Services Tax - GST Wed, 01 Jul 2020 07:52:24 +0530 https://www.taxtmi.com/article/detailed?id=9317