9911796707
Advanced Search 
TMI BlogCalculation of tax liability and ITC admissibleX X X X Extracts X X X X X X X X Extracts X X X X ..... Calculation of tax liability and ITC admissible X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 4,00,00,000 and paid (CGST+SGST) Rs. 72,00,000 at the rate of 9%+9% 2. He received inward supply of Iron and Steel of value Rs. 6,00,00,000 from out of State and paid IGST Rs 1,08,00,000 at the rate 18% 3. He paid Rs 2,00,000 to goods transport service provider who has opted to pay tax on FCM basis and paid Rs 4,00,000 to other goods transport service provider who has not opted to pay tax on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FCM basis. 4. He also received supply of a mini truck (Chhota Hathi) of value Rs 5,00,000 and paid (CGST+SGST) Rs 1,40,000 5. He had received a supply of Iron and Steel in the month of January-2022 from registered person 'B' of value Rs 3,00,000 and tax involved (CGST+SGST) was Rs 84,000 for which tax invoice no B1097 dated 01-01-2022 was issued by 'B' and return of January 22 were filed by bot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h persons 'A' and 'B' properly but 'A' has not made the payment of that transaction till July 22. 6. His outward supply in this month is 11,00,00,000 in the state and there is no any supply out of state. 7. Please sir Calculate tax liability and ITC admissible to 'A' supposing that total supply of input was received before 18-07-2022 Reply By KASTURI SETHI: The Reply: Specialized Services of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A /CMA are required for this purpose.. Reply By Shilpi Jain: The Reply: Pls ask questions which clarifies the principles of law to enable you do the computation. Lot of patience and concentration required to resolve these kind of queries. Reply By bommu venugopal reddy: The Reply: sir.. Total value of purchase - Rs. 10,14,00,000, ITC accumulated - Rs. 1,08,00,000 (IGST) + Rs. 36,80,000 of CGS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T and SGST each including RCM.. Gross sale value is Rs. 11,00,00,000/- gross liability - Rs. 1,98,00,000/- after adjusting accumulated ITC net cash deposit required is Rs. 16,40,000/- under SGST heading. Further to note that since the supplier outstanding is not cleared within 180 days of invoice on supply value of Rs.3,00,000, ITC reversal is required as per provisions which is Rs.54,000/- to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e reversed along with interest of 18% (to be calculated for 6 months) which filing July returns. X X X X Extracts X X X X X X X X Extracts X X X X
|
