Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

GST ITC Query

AMIT KAUSHAL (Proprietor of AMIT & CO.) (76 Points)

05 June 2019

In GSRT -9 table no.6(b) -totak ITC availed is to be classified as ITC on inputs,capital goods and input services.My question is that can we will insert the expenses details in the input services where we were claim the ITC on that particular expenses such as agent commission, repairs and maintenance etc which was lying in the P/L account.

Reply
Follow
Share

4 Replies

Mahendra Fatle (32 Points)
Replied 05 June 2019

It is bifurcation of the ITC availed in 3 category only on totality basis. we can't insert additional sub category in Input Services.

Upgrade to CAclubindia Pro. Subscribe Now!

AMIT KAUSHAL (Proprietor of AMIT & CO.) (76 Points)
Replied 05 June 2019

I know very well but my question is can I put the expenses details in the input services head

Suresh Agrawal (Tax Consultant) (40 Points)
Replied 05 June 2019

Suppose you have purchased goods or taken services relating to your business. You would have paid GST on these purchases. The amount of GST paid by you is your Input Tax Credit (ITC). You can use this ITC against the GST payable by you on sale of goods or services.

For example, you have purchased goods from your supplier and have paid ₹ 10 as GST on those purchases. Now supposing you have sold goods to customers and have collected ₹ 30 as GST, you can use the ITC of ₹ 10 and will have to remit only ₹ 20 to the government as GST.