Itc reversed or ineligible ITC
This query is : Resolved
23 October 2021
We have taken igst credit on insurance payment in June 2021 gstr return. We want to reverse this IGST CREDIT. THERE are two options in return. One is Itc reversed and other is ineligible Itc. Which option should I go for? Pl clarify?
23 October 2021
When is ITC REVERSED OPTION IS USED? UNDER ITC REVERSED RULE THERE ARE 2 OPTIONS AGAIN ONE IS AS Per rule 42& 43 of cgst/sgst rules and 2 is others? Which option should be used?
23 October 2021
Please reply which option to be used and why?
24 October 2021
If such ITCs are blocked u/s 17(5) then reverse under ineligible itc field else others.
Rule 42 and 43 is about reversal of ITC when you have taxable as well as exempted supplies.
Rule 42 and 43 is about reversal of ITC when you have taxable as well as exempted supplies.
24 October 2021
We had availed IGST ON CAR INSURANCE Premium. How and under which option we should reverse this ITC? HOW INTEREST AMOUNT WILL BE CALCULATED?
24 October 2021
There are 2 options in ineligible ITC 1) as per section 17(5) and 2) others. Which option we have to show? And how will we make the payment? How will we calculate and pay the interest at which rate?
24 October 2021
We had availed IGST ON CAR INSURANCE Premium. How and under which option we should reverse this ITC? HOW INTEREST AMOUNT WILL BE CALCULATED?
24 October 2021
How to reverse the ITC.
25 October 2021
TAKE NET ITC IN NEXT MONTH. AND PREPARE A RECONCILIATION FOR FUTURE REF
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