My client had wrongly claimed excess ITC in 2017-18 but failed to reverse in 2017-18 & 18-19.But till December 2020 my client has filled GSTR_3B.Can i reverse the excess and pay the difference in cash OR File the January 2020 return as it is OR reverse excess ITC using DRC 03 Voluntary payment???
Dear Expert,
What can we do if we have taken excess credit in 3b than 2A for fy 17-18 before filing gstr9 as there is only 6 days left.
Plz reply
A is the owner of a land.
A has entered into a Joint Venture (JV) agreement with B around 30 years ago and collected contribution for the share given.
The JV agreement provides that incase of disagreement between the parties both A & B will develop their respective area at their own cost. The agreement doesn’t specify that A will *convey* the portion of the land to B so that he can develop his share independently at his own cost. B is insisting that the land be divided as per his share and *conveyed* to him. A asks in such a case will section *50C/ 50D* of the Income Tax Act be applicable to A.
April 17 to June 17 turnover is Rs. 40,00,000 and July 17 to MArch 18 Turnover is Rs. 1,80,00,000. i.e. total turn over April 17 to MArch 18 is Rs. 2,20,00,000. GST audit applicable or not
MY CLIENT HAS HAVING 4 DIFFERENT GST NUMBER IN FOUR DIFFERENT STATES UNDER ONE-PAN NUMBER & HAVING SAME ACTIVITY IN ALL STATES BUT DIFFERENT CLIENTS. THERE TURNOVER IN ALL 5.5 CR IN 2017-18 IN GST REGIME.
IN MAHARASHRA IT IS 1.5 CR. AUDIT IS REQUIRED ?
A Pvt Ltd. can borrow form NRI (Share holder cum director) in INR with rate of interest. Is there any compliance need to follow? Experts Pl advice.
A taxpayer is registered under gst for trading of tractor.he has a hotel which is given on lease.he receives Rs.8 lakh per annum towards lease value.Whether he is liable for payment of gst on lease value?the taxpayer contend that though lease amount is less than 20 lakh he is not liable for payment of gst.please guide.
Dear Sir,
We have purchased a car for official use of our employee.
1) I want to confirm can we avail ITC on purchase of such car. and
2) Maintenance charges like servicing paid for such vehicle.
As section 17(5) motor vehicle is covered under blocked credit .
Kindly assist with your expert advice
Thanks
Dear Experts,
we have taken purchases of sept and oct in the month of nov-19 and utilized input tax credit as per 3b. all our suppliers filed their GSTR-1. in the same month. now the department sent us advisory to pay the difference of 2a and 3b input tax credit .Kindly advise us how to replay this. Is it wrong to take input tax credit of previous months inv and utilizing the gst paid on them. Thanks in advance.
K.B.Nagesha Rao
9448826793
CAclubindia
Excess ITC Claimed