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Trans1 return, Goods and Services Tax - GST |
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Trans1 return |
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Dear experts Refer GST Trans 1 Return. In 5 c table, what is coloumn 7 "ITC reversal retable to 3 and 5 ". Kindly suggest what amount to be entered in this coloumn. Expert opinion is expected urgently to file correct return. Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
It is differential liability of Dealer assuming C / F Forms will not be received, Eg. Vat applicable for your goods is 6% and you have sold Inter state under C from @2%.10 C forms of ₹ 100 basic value each are pending to be received by you. In this case, State ITC of 30.06.2016 to be carried forward to 01.07.2017 will be reduced by 100*10*(6%-2%) i.e ₹ 40. Trust the above clarifies the issue. CA CS Nandan Khambete
It is the reversal of ITC made in your books due to stock transfer made out of the goods on purchase of which you have claimed ITC. Various State Govt. have prescribed various percentage of the value of goods which needs to be reversed while transferring locally purchased goods, say in Delhi, it was 2%. V.K. Verma Advocate Page: 1 Old Query - New Comments are closed. |
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