https://www.taxtmi.com/forum/issue?id=118960 Security deposits retained by a contractor pending government release are not consideration and do not require ITC reversal under the 180 day proviso, whereas contractually deducted charges (testing, cement mix, etc.) form part of the transaction value and must be included by the subcontractor in its taxable value. The 180 day rule applies primarily to normal trade payables; pre agreed extended payment terms documented before supply may prevent characterization as failure to pay within 180 days. There is a debated view that statutory interest under the general provision is not applicable to reversal mandated by the proviso, given amendments to the reversal rule and the distinction between reversal and wrongly availed credit. en-us Tue, 30 Jan 2024 16:46:24 +0530 Fri, 24 Jan 2025 10:40:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118960 Security deposits retained by a contractor pending government release are not consideration and do not require ITC reversal under the 180 day proviso, whereas contractually deducted charges (testing, cement mix, etc.) form part of the transaction value and must be included by the subcontractor in its taxable value. The 180 day rule applies primarily to normal trade payables; pre agreed extended payment terms documented before supply may prevent characterization as failure to pay within 180 days. There is a debated view that statutory interest under the general provision is not applicable to reversal mandated by the proviso, given amendments to the reversal rule and the distinction between reversal and wrongly availed credit. Discussion-Forum GST Tue, 30 Jan 2024 16:46:24 +0530 https://www.taxtmi.com/forum/issue?id=118960