Input credit
Shruti Agarwal (Assistant Manager) (23 Points)
10 July 2017
Can we avail 100% Input credit?
6 Replies
rocky
(accountant)
(948 Points)
Replied 10 July 2017
if excise duty is shown in invoice . then you can avail 100%
otherwise 60% of central GST
means if your item tax rate is 18% , then 60% of 9%
otherwise 60% of central GST
means if your item tax rate is 18% , then 60% of 9%
rocky
(accountant)
(948 Points)
Replied 10 July 2017
total input 5.4% of your taxable sale
example
if your taxable sale for july is 100000
cgst 9000
sgst 9000
then input will be 5400
and cgst payable =9000-5400=3600
sgst payable 9000
example
if your taxable sale for july is 100000
cgst 9000
sgst 9000
then input will be 5400
and cgst payable =9000-5400=3600
sgst payable 9000
Shruti Agarwal
(Assistant Manager)
(23 Points)
Replied 10 July 2017
how 5.4%? it should be 18% as we can avail 100% input credit
Also, Our one product which was previously exempt from tax, now comes in the 5% tax category.
so can we avail input tax on it as we have paid 12.5% or 6% excise duty on the inputs of the same, if yes how much?
rocky
(accountant)
(948 Points)
Replied 10 July 2017
if excise duty is shown in invoice, then 100% of cgst
Recent Topics
- Gst on hired vehicle repair maintenance
- Return defective due to turnover mismatched with I
- Ineligible ITC availed and later reversed under wr
- Temples GST HSN
- Tax filing for the belated payment credit
- Legal service RCM
- OUT OF STATE ADDITIONAL PLACE OF BUSINESS
- Excess claim and paid with DRC03
- Upload of qualified audit report on MCA portal
- Form 26QB on multiple installment
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
