bimal sir , thank a lot for crystal clear explanation with regard to whether credit need to be reversed if buyer fails to pay within 180 days of invoice, jai gurudev
Excellent explained CA bimal sir ji. Can you the provide the method or Technic or tool etc with regard to determining bill not paid within 180days in term of practical aspect being a auditor. Thanks
Some Big Business Firms which hold the money of Creditors and those creditors are small business man, What to do when they hold the money.. Is it good to Issue Credit Notes on Big Firms ?
Hi Sir, In my case for Fy 18-19 in ADT-01 they are asking to reverse the ITC along with the interest. My doubt if i reverse the ITC can i claim the ITC again because I have already made the payment to the party.
If assessee is having sufficient balance in credit ledger, then are they liable to pay interest on delayed payment to supplier beyond period of 180 days ??
This section should apply for govt dept also In case of works contract For eg I have raised invoice of 1000000 + 120000 But see the Bill/payment certificate of govt payment to contractor. Gross bill Amt=1000000 Withheld amount=800000 Add GST @12%=120000 IT TDS@2%=20000 GST TDS@2%=20000 security@7.5%=75000 Labour cess@1%=10000 Net payment=195000 Date=12/05/2020 Now withheld payment will release on 31/03/2021 which is after 180 days Security will release after 2-3 years etc Now see the blunder govt paid me 195000 also include benefit of TDS But I have to pay 120000 GST(including TDS) and they want to immediately get reflect in GSTR-2A and GSTR1 otherwise SCN is issued that payment is getting reflected in GSTR7 but no tax is paid. This rule should also apply to govt entities also so that they can release withheld payment,security etc before 180 days.
Dear sir I have an query that in case rental commercial property ,liable to pay gst , supplier is not getting any amount from tenant due to some dispute or Corona since service is provided and invoice is issued , supplier become liable to pay gst.what is remedy available for the supplier
Sir many issues cleared but some still left. Procedure of reversal asper rules say to reverse in GSTR-2 which is not yet active. Further reversal and reavailment thereof thru GSTR-3B shall make doubt in minds of proper officer particularly when there is gap of two three years between reversal and reavailment. Please guide us on this aspect. Thank you and regards.
Sir.. mostly in case of works contract there is clause of retention money. So payment is made except retention money, can be treated as Fully paid or partly.?
Yes it is treated as fully paid since you have paid GST on gross bill and deductions like retention money, withheld amount etc are deducted after paying GST on gross bill but I think this is blunder in govt contract.
bimal sir , thank a lot for crystal clear explanation with regard to whether credit need to be reversed if buyer fails to pay within 180 days of invoice, jai gurudev
Good info sir... Awaiting next topics 🙏
Beautifully explained. IDTGURU 🙏
Super 🔥 Thanks 🔥
Kumareshbabu CA
Very valid points discussed.
Thanks a lot Sir for sharing
Thank you sir, beautiful explanation
Thankyou sir
Very well explained sir
Very nice information Sir
Excellent explaination👍
Theoretically right. Practically it wont be easy to push it down the deptts throats.
15(2)(e) should also be added as an exception in my view Bimal ji !! Subsidy we are adding only for valuation purposes
Excellent 💯👍👏
👌🏻👌🏻 thank u sir
Res. Sir,
so much important clarification of 180 day limit.
Is there any provision of reversing the tax which is already paid to the government.
CN with GST
It is not necessary to payment within 180 days. If we read the rule 37
Excellent explained CA bimal sir ji.
Can you the provide the method or Technic or tool etc with regard to determining bill not paid within 180days in term of practical aspect being a auditor.
Thanks
sir, How a seller is saved , if the buyer does not pay in 180 days
CN with GST or Civil Litigation
@@cabimaljain but sir section 34 dealing with credit Note does not permit issue of cn if the payment is not received. How can we do it?
Some Big Business Firms which hold the money of Creditors and those creditors are small business man, What to do when they hold the money.. Is it good to Issue Credit Notes on Big Firms ?
Hi Sir, In my case for Fy 18-19 in ADT-01 they are asking to reverse the ITC along with the interest. My doubt if i reverse the ITC can i claim the ITC again because I have already made the payment to the party.
If assessee is having sufficient balance in credit ledger, then are they liable to pay interest on delayed payment to supplier beyond period of 180 days ??
hindi mein samjh aata hain,pls explain in hindi
This section should apply for govt dept also
In case of works contract
For eg
I have raised invoice of 1000000 + 120000
But see the Bill/payment certificate of govt payment to contractor.
Gross bill Amt=1000000
Withheld amount=800000
Add GST @12%=120000
IT TDS@2%=20000
GST TDS@2%=20000
security@7.5%=75000
Labour cess@1%=10000
Net payment=195000
Date=12/05/2020
Now withheld payment will release on 31/03/2021 which is after 180 days
Security will release after 2-3 years etc
Now see the blunder govt paid me 195000 also include benefit of TDS
But I have to pay 120000 GST(including TDS) and they want to immediately get reflect in GSTR-2A and GSTR1 otherwise SCN is issued that payment is getting reflected in GSTR7 but no tax is paid.
This rule should also apply to govt entities also so that they can release withheld payment,security etc before 180 days.
Dear sir I have an query that in case rental commercial property ,liable to pay gst , supplier is not getting any amount from tenant due to some dispute or Corona since service is provided and invoice is issued , supplier become liable to pay gst.what is remedy available for the supplier
Sir
That means there would be a loss of interest Paid to govt. on delayed payment to vendor .🙏
Yes
sir what about revocation of cancellation if 180 day expired
🙂
Sir, There is any time limit for re-availment of credit?
no
Sir many issues cleared but some still left. Procedure of reversal asper rules say to reverse in GSTR-2 which is not yet active. Further reversal and reavailment thereof thru GSTR-3B shall make doubt in minds of proper officer particularly when there is gap of two three years between reversal and reavailment. Please guide us on this aspect. Thank you and regards.
Mutual Owings set off is also construed as payment 👍🏻👍🏻
Sir.. mostly in case of works contract there is clause of retention money. So payment is made except retention money, can be treated as Fully paid or partly.?
fully paid
Yes it is treated as fully paid since you have paid GST on gross bill and deductions like retention money, withheld amount etc are deducted after paying GST on gross bill but I think this is blunder in govt contract.