Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee
Law Related Issues
33. Reversal of Credit on non-payment of taxes
Second proviso to the Section 16(2) of the CGST Act provides that where a recipient fails
to pay to the supplier of services, the amount towards the value of supply of services along
with tax payable thereon within a period of 180 days from the date of issue of invoice by
the supplier, an amount equal to the input tax credit availed by the recipient shall be added
to his output tax liability, along with interest thereon, in such manner as may be prescribed.
Suggestion
The need to collect interest may be omitted as a supplier does not compensated.
Read Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee
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