One of my friend already had GST Registration. now he wants to starts new business in same state, but Different Location (Address). Whether he can add his business as additional place of business and he can file a single monthly return for both the business or is there any other alternatives.

Respected Experts,
I have a confusion about ITC on CAPITAL GOODS. One of my client (newly registered under GST) purchased of New CNC machine. They make only taxable supplies & Services (like Job work) with chargeable 12% GST.
I will take that full ITC in the same month. But, Having confusion with this

In this scenario can we claim fully ITC of that purchased capital goods...?
or Here we calculate and take ITC proportionately...?

Please clarify my confusion with suitable details.

in feb gst1, i wrote 100000 instead of 10000 as net sales in gst 1 so corresponding tax @5% 5000 instead of 500.
i know i have to amend gst1 of march gst 1 month, but , my q is

in feb 3b due now before 20th march 2024, sales comes prefilled. but here in 3b, do i write manually corrected 10k net sales and press confirm?

my view--> yes i have to write corrected figure in feb 3b.

Please let me know whether TAX on RCM paid is expense or Asset. Please me know how to pass the entry in books of account.

Prakash Menon
Accountant

Our company is into providing transportation services and we are registered under GTA service (FCM),for providing such services to customer.

Fleet (Commercial Vehicle) are being purchased on regular basis to provide services to customer.

We provide both Taxable as well as Exempt Services to Customers, input credit on Capital, Operational and Overhead Purchases is being claimed on the basis of Revenue Ratio which is result of both Taxable and Exempt Services.

In case of Operational and Overhead Purchases we reverse input credit in the same month on the basis of Ratio.

However, In the case of Capital Purchases we follow the 60 months rules provided in the GST for input credit.

We have taken 100% input credit on the purchases of commercial vehicles ,since we are providing both taxable and exempt services the input credit availed on these purchases is being reversed in 60 months as per the rules laid in GST for availing input credit on capital purchases

Now our company is providing 100% Taxable Services which means we no longer providing any Exempt services.

Here my question is that till date we were reversing the Input credit availed on capex purchase on the basis of 60 month rules, going forward do we need to reverse balance input credit availed on capex purchase without waiting for 60 months ? Note still we are using these vehicles for commercial purpose.

For Example- we have purchased Vehicle in Sept-2018 (FY 2018-2019) 100% ITC availed and follow process of Reversed Credit as per revenue ration in next 60 Month . Now Current year FY 2023-2024 is 100% taxable services. can we need to reserved ITC on the same pls advice on the same .

Respected Colleagues
If Person GST registration and having Export of IT services to foreign country in AY 2023-24 of Rs 25 Lakhs but now in AY 2024-25 Export of IT services to foreign country is only Rs 11 lakhs till march till date.

My query is GST registration is still mandatory to continue even below threshold limit of Rs 20 lakhs???
Or We eligible to cancel from immediate effect?

Received a SCN U/S.74 dt.14.12.2023 for FY 2017-18 disallowing ITC on purchase of cement and MS rods. Although cement and ms rods were sold by us and outpaid paid on the same. How to proceed into the matter ? Is the said SCN issued within limitation period ?

Dear Experts.

Pranam.
Small doubt.
One automobile dealer, also acting as broker for insurance services - covering / sourcing insurance for new vehicles & renewal services for a OEM.
As the GST number not updated in SAP, the automobile dealer paid GST amount under B2C category.
Is it possible to claim ITC.
What is the way available to automobile dealer to ask the OEM to repay ITC.
Requesting valuable guidance please.
Thanks in advance.

Capital Assets/ goods input is completely taken during the combined service and reversed within the next 60 months. Currently providing services that are fully taxable, so it's important to determine whether the capital input credit needs to be reversed throughout the reaming period.
Kindly give advice and suggestions regarding the right way of reversal input credit.

For example, capital assets purchased in 2018–2019, input took in full, and reversal credit in the next 60 months .we are offering combination services until FY 2022–2023 and completely taxable services starting in FY 2023–2024. Can we liable for input credit reversals for capital assets during the Remain period?

Thanks in advance for your valuable suggestion

Capital Assets/ goods input is completely taken during the combined service and reversed within the next 60 months. Currently providing services that are fully taxable, so it's important to determine whether the capital input credit needs to be reversed throughout the reaming period.
Kindly give advice and suggestions regarding the right way of reversal input credit.

For example, capital assets purchased in 2018–2019, input took in full, and reversal credit in the next 60 months .we are offering combination services until FY 2022–2023 and completely taxable services starting in FY 2023–2024. Can we liable for input credit reversals for capital assets during the Remain period?