May I get GST input of purchased equipment in Bank account?
Is it possible to get all GST paid on equipment in Company bank account, how many days it take to credited in bank account?
GST Bill should be on name of the Director or Company?
Thank you.
13 Replies
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 01 November 2020
Gst bill shall be in the name of the company.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 01 November 2020
It would not b credited in Ur bank account
Kumar
(Partner)
(149 Points)
Replied 01 November 2020
I am going to buy equipment to provide services.
Can I get 18% gst back?
Where will it be credited?
Is there any way to transfer gst input in company bank account?
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 01 November 2020
No.....
Input GST only setoff against Output liability
Input GST only setoff against Output liability
Shivam RC
(Student)
(23683 Points)
Replied 01 November 2020
The GST Bill should be in the name of the Company and the ITC portion will get credited to E-Credit Ledger. It does not gets credited to your Bank A/c.
There's no option to get refund in Bank Account subject to the Provision of Section 54 of the CGST Act 2017.
There's no option to get refund in Bank Account subject to the Provision of Section 54 of the CGST Act 2017.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 01 November 2020
| Originally posted by : Kumar | ||
 |
Originally posted by : Heet Shah It would not b credited in Ur bank account Is there any option to get refund in bank account, because at this time I am not providing services that's why want refund in bank account. |
 |
It would be credited in Ur credit ledger on gst portal which can only be settled against output tax liablity
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 01 November 2020
| Originally posted by : Kumar | ||
|
I am going to buy equipment to provide services. Can I get 18% gst back? Where will it be credited? Is there any way to transfer gst input in company bank account? |
|
It will be reflected on the gst portal.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 01 November 2020
Basically input tax credit is available to business man so it doesn't forms part of cost while one is supplying to the customers
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 01 November 2020
So when you use or sale the asset u will collect the tax from customer and use these ITC against the tax collected.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 01 November 2020
Say u bought machine for 100 with gst of rs.18
U will get rs.18 Cr in Ur credit ledger.
So whenever u sale say for rs.90 with gst of 16.5 u can utilize credit of 18 against these 16.5
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 01 November 2020
Incase of sale of machine or goods by u u had a tax liablity of 20 u can utilize a credit of rs.18 and will need to pay rs.2 in cash
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