GST : Reversal of Credit on non-payment of taxes : ICAI Suggestions

By | October 6, 2017
(Last Updated On: October 6, 2017)

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

Related Topic on GST 

TopicClick Link
GST Acts Central GST Act and States GST Acts
GST RulesGST Rules
 GST FormsGST Forms
GST RatesGST Rates
GST NotificationsGST Act Notifications
GST CircularsGST Circulars
 GST JudgmentsGST Judgments
GST Press ReleaseGST Press Release
GST BooksBest Books on GST in India
GST CommentaryTopic wise Commentary on GST Act of India
GST You Tube ChannelTaxHeal You Tube Channel
GST Online CourseJoin GST online Course
GST HistoryGST History and Background Material
Category: GST

About CA Satbir Singh

Chartered Accountant having 12+ years of Experience in Taxation , Finance and GST related matters and can be reached at Email : Taxheal@gmail.com

Leave a Reply

Your email address will not be published.