Input Tax Credit

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..... Input Tax Credit
Query (Issue) Started By: - vignesh VSACCOUNTOPRIVATELIMITED Dated:- 13-3-2021 Last Reply Date:- 3-5-2021 Goods and Services Tax - GST
Got 6 Replies
GST
sir. kindly clarrify A dealer of biscuts take a new dealership in mobile phones , he runs the business as proprietorship and uses same GST number. Can he set off the GST input on mobile against sale of biscuts or shou .....

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..... ld he maintain product wise accounts and adjsut GSt according to the products sold. Reply By Rajagopalan Ranganathan: The Reply: Sir, There is no bar in CGST Act for cross utilization of ITC earned in respect of one type of goods for payment of tax on other type of goods. However before doing so it is better to inform the Department in writing about the same to avoid allegation of suppression o .....

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..... f fact, wilful mis-statement etc to evade payment of tax by the Department in future. Reply By KASTURI SETHI: The Reply: There is no one to one correlation for availment and utilisation of ITC in CGST Act. ITC must be used in the course or furtherance of business. Registration number will remain the same but you will have to apply for addition of supply of mobile phones in your application for r .....

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..... egistration already filed.. Registration must be amended to this effect. Amendment is required. Reply By Ganeshan Kalyani: The Reply: I agree with both the experts. Reply By Himansu Sekhar: The Reply: Maintaining product wise stock is required. Credit can be taken and utilised in a combined manner Reply By KASTURI SETHI: The Reply: Yes. Maintaining product wise stock will make the assessee .....

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..... safe. Reply By Vishesh Goyal: The Reply: I agree with Kasturi sir. Registration must be amended to set off the GST input tax credit on mobile against the sale of biscuits. GST number will remain the same but you will have to file an application for the addition of a supply of mobile phones to your GST registration certificate.
Discussion Forum - Knowledge Sharing .....

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