ITC Reversed
This query is : Resolved
17 September 2020
Dear Experts, we have taken ITC in Dec-2019 GSTR 3B as per below :-
Output : IGST @18% = 285260/-
Less : Input : CGST@18% = 113126/-
SGST@18% = 113126/-
And we have paid balance payment through cash ledger.
Now due to Covid-19 & crisis of funds, we have not made the payment to this dealer
till today. And we have to reversed GST with interest in Aug-20 GSTR-3B.
1) Kindly suggest us which GST we have to reversed either IGST or CGST + SGST.
2) Interest Rate? Is the interest period start after 180 days. i.e. if we delay by 195 days.
we have to pay interest for 15 days.
I am not clear & confused about the above facts. Kindly suggest me what will the remedy.
Regards,
Rakesh Sharma
Output : IGST @18% = 285260/-
Less : Input : CGST@18% = 113126/-
SGST@18% = 113126/-
And we have paid balance payment through cash ledger.
Now due to Covid-19 & crisis of funds, we have not made the payment to this dealer
till today. And we have to reversed GST with interest in Aug-20 GSTR-3B.
1) Kindly suggest us which GST we have to reversed either IGST or CGST + SGST.
2) Interest Rate? Is the interest period start after 180 days. i.e. if we delay by 195 days.
we have to pay interest for 15 days.
I am not clear & confused about the above facts. Kindly suggest me what will the remedy.
Regards,
Rakesh Sharma
18 September 2020
1. PERIOD OF 180 DAYS IS TO BE CALCULATED FROM THE DATE OF CONCERNED INVOICE(S).
2. CREDIT TO BE REVERSED UNDER THE SAME HEAD UNDER WHICH IT WAS AVAILED.
3. INTEREST IS TO BE CALCULATED FROM THE DATE OF AVAILING ITC ( 20TH jAN 2020 IN YOUR CASE) TILL THE CREDIT IS REVERSED IN GSTR3B.
4. THE RATE OF INTEREST WILL BE 18%.
5. YOUR CASE WILL ALSO FALL WITHIN THE RELAXATIONS GIVEN BY THE GOVT DUE TO COVID-19. THAT MEANS YOU CAN TAKE ADVANTAGE OF EXTENDED PERIOD WHILE CALCULATING THE PERIOD OF 180 DAYS FROM THE DATE OF INVOICES.PLEASE CHECK ON THIS.
2. CREDIT TO BE REVERSED UNDER THE SAME HEAD UNDER WHICH IT WAS AVAILED.
3. INTEREST IS TO BE CALCULATED FROM THE DATE OF AVAILING ITC ( 20TH jAN 2020 IN YOUR CASE) TILL THE CREDIT IS REVERSED IN GSTR3B.
4. THE RATE OF INTEREST WILL BE 18%.
5. YOUR CASE WILL ALSO FALL WITHIN THE RELAXATIONS GIVEN BY THE GOVT DUE TO COVID-19. THAT MEANS YOU CAN TAKE ADVANTAGE OF EXTENDED PERIOD WHILE CALCULATING THE PERIOD OF 180 DAYS FROM THE DATE OF INVOICES.PLEASE CHECK ON THIS.
Message likes :
1 times
18 September 2020
Very nice explained. Thank you very much Sir.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
