Dear Experts, we have taken below :-
Month GSTR-2A ITC Claimed 10% Diff.
Feb-20 1,20,000 1,55,000 12,000 (23,000)
Mar-20 1,65,000 1,75,000 16,500 6,500
Apr-20 85,000 1,02,000 8,500 (8500)
May-20 1,11,200 1,35,200 11,120 (12880)
June-20 1,58,100 1,98,200 15,810 (24290)
July-20 2,03,500 2,06,600 20,350 17250
Aug-20 1,85,700 1,76,500 18,570 27770
Total 10,28,500 11,48,500 1,02,850 (17150)

Sir in the above table, can we deposit interest on excess claimed ITC i.e. 17150 @24% p.a.?

Moreover, below are the details of Sep-20 & Oct-20 :-

Month GSTR-2A ITC Claimed 10% Diff.
Sep-20 2,13,500 2,47,450 21,350 (12600)
Oct-20 2,67,100 2,98,110 26,710 (4300)

Is there any liability of interest in above months, if yes, then on which amount we have to pay? i.e. diff. of ITC Claimed - ITC Shown in 2A or ITC Claimed - ITC Shown in 2A - 10% shown ITC in 2A.

I humble request to all the experts, please help me, on what basis we have to go ahead.

Regards,

Rakesh Sharma

If an assessee engaged in business filed has turnover of rs.62 lacs ,he files his return under 44AD for AY 17-18.In AY 18-19, he filed his return under section 44AB(Tax Audit) with turnover of 80lacs.
In AY 19-20, his turnover crossed rs.1.02 crores,but he filed ITR 3 without tax audit.He received notice from IT Dept asking for tax audit.
What should the assessee do in this scenario.
Can he choose to go for Section 44AD for AY 18-19 and revise his return.???
Can he choose to be under Section 44AD for AY19-20, 20-21,21-22,22-23 as per conditions laid down in section 44AD ( 5 Years restriction).
Kindly guide me.

sir I got provisional registered Admit Card for IPCC Exam nov 2020. I faced this problem for the first time it is not appered in my old Admit Card when i qualified the IPCC Group 1 exam. Please help me in this regard.

HOW TO REPORT CREDIT NOTE IN GSTR1 CDNR SHEET AS THE CREDIT NOTE ISSUED OF THE INVOICE RELATED TO NOV 2019 SO GST WILL NOT BE REVERSED FOR THE SAME..HOW TO REPORT IT?
WHETHER IN THE DOCUMENT SECTION THESE CREDIT NOTE TO BE REPORTED?
HOW TO REPORT IN CDNR SUCH CREDIT NOTE PLEASE REPLY...

Any body please provide me, main objects for a LLP, which wanted to manufacture essential oils such as apple cider etc, for health, fitness, etc . I will be thankful for the help

R S Sai Kumar

Dear Experts,

We have supplied the Goods to our Debtor Customer... But we were unable to generate e-way bill as the Debtor Party had not filed 2 months Gstr-3B.

Also The Party took the delivery from our Office itself? So are we required to generate E-way bill now & if yes, when?

Thanks.

Sir/Madam,
I have wrongly availed ITC blocked credit in month of Jan 2020 (FY 19-20). Can I reverse this ITC in GSTR 3 B of October 2020 or should it be done through DRC-03
What is the time period allowed within which wrongly availed ITC can be reversed via GSTR3B.
Thanks for the help in advance

Property was sold on 21st march 2020 resulting into a capital gain of 2365000 approx...assessee want to claim exemption u/s 54EC.
Q1Has the 6 month time period lapsed to invest in bonds or has it been extended due to covid 19

Q2: dose a shop (although not used) qualify under LTCG

thanks in advance

Our organisation has recorded Sales return in Oct 2020 of material sold in Nov 2019.. what to do how to show it in GSTR1 as the last date to record such return was 30th Sep 2020..

we will be total invoice value in GSTR1 after TCS deduct from 01-10-2020.
if Amount is 100
GST 18
total 118
tcs 1
total 119
Which amount we have to put in total invoice value in GSTR1