Non gst goods

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mallikarjun (Querist)
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29 January 2018 Hello sir/Madam

we are dealing with non GST goods. we have made payment of GST on purchase of Goods which we are having more ITC.

this GST can not be eligible for ITC

my question is whether can we show this ITC as expense in the Books

Thanks in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 January 2018 GST paid not eligible for ITC can be shown as expenses in the books.

mallikarjun

mallikarjun (Querist)
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29 January 2018 we have made gst under RCM also

can we claim the same also as an expense

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CA S K MISHRA

CA S K MISHRA (Expert)
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29 January 2018 Un-utilise ITC can not be claimed as expenses in the book.

For conceptual clarity on GST, refer following link
https://www.amazon.in/dp/194832105X
https://www.amazon.in/dp/164249030X

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 January 2018 Yes RCM paid under RCM can also be claimed as expenses.

Avinash Jeevan Dsouza

Avinash Jeevan Dsouza (Expert)
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29 January 2018 @CA R SEETHARAMAN

Cant we claim RCM paid input while paying next month RCM?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 January 2018 No RCM has to be paid not adjustable against ITC.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 January 2018 No, RCM has to be paid in cash not adjustable against ITC.

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Avinash Jeevan Dsouza

Avinash Jeevan Dsouza (Expert)
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30 January 2018 If in a month total GST outward is 1000 and ITC is 500 RCM payable Is 100... Can we adjust like below
Payment RCM 100
Payable (o/w 1000 -(Less) RCM 100 (paid above) -(Less) ITC 500) Net 400.
Can we pay just 400 + 100 through RCM??/

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 January 2018 Yes you can pay as given above.