Difference between Reversal of input tax credit and Accumulated credit under GST terms
What is Accumulated credit? How does Reversal of input tax credit work under GST regime? What are the difference between Accumulated credit and Reversal of input tax credit?
Under GST system, the following information explains about Accumulated credit and Reversal of input tax credit.
As per GST terms, Accumulated credit means credit availed on inputs, input services and capital goods to extent attributed to dutiable goods or taxable services/exported goods+ exported services, availed in excise/service tax returns and not utilized but C/F as closing balance in return filed in pre-GST. Reversal of input tax credit means A registered person, who has availed of input tax credit on any inward supply of goods or services or both, but fails to pay to the supplier thereof, the value of such supply along with the tax payable thereon, within the time limit specified.
The details about Accumulated credit and Reversal of input tax credit with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Accumulated credit and Reversal of input tax credit, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Accumulated credit and Reversal of input tax credit separately below. You may kindly read the below links to know more about Reversal of input tax credit and Accumulated credit.
Accumulated credit to GST means
Term Reversal of input tax credit in the case of non-payment under GST
The above information easily explains about Reversal of input tax credit and Accumulated credit.
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