https://www.taxtmi.com/forum/issue?id=117142 The GST proviso read with Rule 37 requires reversal of input tax credit described as availed when supplier payment is not made within the prescribed period; reversal is treated as output tax and attracts interest. The debate centres on the distinction between credit merely lying in the ledger (unutilized) and credit actually applied to discharge tax (utilized), with cited administrative circulars and judicial decisions indicating a jurisprudential shift toward treating interest and reversal as appropriately triggered by utilization rather than mere availment. en-us Tue, 06 Apr 2021 14:30:11 +0530 Thu, 23 Jan 2025 15:54:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117142 The GST proviso read with Rule 37 requires reversal of input tax credit described as availed when supplier payment is not made within the prescribed period; reversal is treated as output tax and attracts interest. The debate centres on the distinction between credit merely lying in the ledger (unutilized) and credit actually applied to discharge tax (utilized), with cited administrative circulars and judicial decisions indicating a jurisprudential shift toward treating interest and reversal as appropriately triggered by utilization rather than mere availment. Discussion-Forum GST Tue, 06 Apr 2021 14:30:11 +0530 https://www.taxtmi.com/forum/issue?id=117142