This Query has 3 replies
I HAVE PURCHASE GOODS BUT I NOT PAID AMOUNT IN 180 DAYS DUE TO POOR QUALITY OF GOODS ALSO I NOT REVERSE THE INPUT BY MISTAKE.PLEASE ADVICE ME WHAT WILL BE FINE OR PENALTY?
This Query has 1 replies
Sir,
We had an export sale of Rs. 1 crore, and the customer subsequently became insolvent. We filed a claim with ECGC and received Rs. 80 lakhs as compensation, resulting in a financial loss of Rs. 20 lakhs.
Our query is as follows:
Are we required to reverse the Input Tax Credit (ITC) claimed on raw materials used in manufacturing the goods for export, corresponding to the loss of Rs. 20 lakhs?
How does this situation affect GST compliance, and what is the reversal impact, if any, under GST law?
We seek clarification on the appropriate treatment of ITC and GST in this scenario.
This Query has 1 replies
As per GSTR 1 of October 24 GST payable liability is as follows
IGST Rs.45,909/- CGST & SGST each Rs.50,583/-
ITC credit balance i.e. c/f till Oct 24 and of Oct 24 is
IGST Rs.NIL CGST Rs.15,679/- SGST Rs.19,19,852/- Cess Rs.2,24,221/-
Portal while filing GSTR 3B is creating demand of Rs.50,583/- towards CGST
My question is can the itc credit lying in SGST be utilized against CGST liability
also what is the procedure which forms need to be filed ?
This Query has 1 replies
Dear Sir,
We have purchased some items in oct2023 based supplier invoice we have availed input credit in same period. present i.e nov2024 we return that material due to not suitable to us, supplier also agreed and passed the credit note to us.
Now we have to pass debit note from us and reverse the input credit proportionately for this case we need to pay interest on reversal amount.
This Query has 1 replies
Hi,
I have a query on Deemed to be University shall pay gst on Bus fee collection from students it is not included fee structure .
This Query has 3 replies
SIR
WE ARE NOT TAKING BLOCKRD/INELLIGIBLE CREDIT WHILE CLAIMING ITC. NOW THE DEPARTMENT ASK US TO TAKE AND REVERSE THE SAME FOR THE YEARS 22-23 AND 23-24 OTHERWISE PENALTY WILL BE IMPOSED. PLEASE ADVISE.
THANKS IN ADVANCE
REGARDS
This Query has 3 replies
Dear Sir/Madam,
An invoice was issued in September 2021 but mentioned wrongly GSTIN of another party in GSTR1 September 2021, can we amend that invoice with right GSTIN in October 2024 GSTR1.
Kindly advise on how to adjust the Input Tax Credit (ITC), as this mistake has resulted in a cost to us.
Regards
This Query has 2 replies
One of my clients received Demand order for taking Excess ITC for the year 2019-20.But he keeps all supporting documents for availing Correct ITC. He go for appeal. Will he win?
This Query has 1 replies
sir.
While checking payment calculation in Gstr1 A Found.
Let's me more about it. Is there is any time limit for this.
Please advise
Binu
This Query has 3 replies
Sir, for annual returns filing for the F.Y. 2019-2020 was 31-03-2021- is it correct sir
6 days Certification Course on GST Practical Return Filing Process
PAYMENT NOT SEND IN 180 DAYS