Input Tax Credit - Reg

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..... Input Tax Credit - Reg
Query (Issue) Started By: - KIRAN KUMAR Dated:- 23-9-2017 Last Reply Date:- 29-9-2017 Goods and Services Tax - GST
Got 5 Replies
GST
Dear Sir, Our company deal with Taxable and Exempted Supplies and taxable Service. Please go through the below table. Kindly provide the Input tax credit rules with following table examples Particulars Turnover CGST SGST IGST O .....

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..... ut Put Service( Leasing of Plant) 2060000 185400 185400 Out Put Sales 2754274.024 150080.9 150080.9 Out Put Sales 348000 0 0 62640 Taxable Servic & Sales 5162274.024 335480.9 335480.9 62640 Exempted Sales 283518356.9 Total Turnover 288680630.9 Reply By Himansu Sekhar: The Reply: First identify the credit which are only relating to taxable supply and take full credit Second identify the credit e .....

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..... xclusively relating to exempted supply, do not take such credit Third now identify the common credit . take the proportionate credit basing upon the value of the taxable supply and exempted supply. Reply By MARIAPPAN GOVINDARAJAN: The Reply: What is your inward supplies. You can take credit only on the tax paid by your for your inward supply of goods or services or both. You only show the outpu .....

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..... t service provided by you and output sales and not inward supplies. Reply By Ramaswamy S: The Reply: From the table it appears almost 98% is exempted supplies ITC can be allowed only to the extent of 2%. Would suggest to check the nature of supplies. Under GST, the ratio appears not normal. Reply By Chhatra Jain: The Reply: I agréé with Govindarajanji. Thèse data reflets .....

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..... your output tax. In order to know your ITC you provide your purchase data. Only then your balance tax can be calculated. Reply By Himansu Sekhar: The Reply: The output csupplies can determine the ratio of the turnovers.
Discussion Forum - Knowledge Sharing .....

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