Itc
This query is : Resolved
13 November 2017
Some goods like marble,chocolate etc.were 28% tax slab,now after 23rd council meeting tax rate of those products reduced to 18%.Thus now if a regd.person sell his goods at lower tax rate then how he would reduce the corresponding ITC in the event of deferment of filing GSTR2?As no ITC can be availed on higher rate where sale rate is lower than purchase rate?
13 November 2017
Claim this ITC through gstr-3B . ITC can be claimed on higher input and lower out put tax. Refund can be claimed on such unutilised ITC in such a case.
13 November 2017
My query is that whether a regd.person can claim ITC @28% whose output tax is 18%?If no then where he has to reverse?
13 November 2017
Yes and refund can be obtained for such excess ITC.
14 November 2017
@Sabita Sahoo.,
You can file and Claim as per your invoice. No more restriction for the before purchasing related tax values. Just you ll keep your purchase invoices...
14 November 2017
Sir,under odisha vat act ITC was allowed to the extent of output tax payable.I.e if sale value is less than the purchase value then ITC was allowed to the extent of output tax payable.excess ITC gets disallowed.Under gst if purchase value@28% is more than the sale value@5%(after reduction of tax rate council meeting) refund will be allowed?
14 November 2017
Yes refund will be allowed in such a case.
14 November 2017
Yes he is right...refund will be granted in this case.
15 November 2017
Thanks to all of you for your valuable suggestions.
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