New ITC Calculation
subhagan sreerangam (7054 Points)
22 October 2019
Please give the details of New ITC Claim as 42/2019 CGST Amendment Rule with effect from October GSTR3B.
5 Replies
Jayaprasad6819@gmail.com Prasa
(7 Points)
Replied 22 October 2019
Hi sir,
you to give priority to IGST to set off GST.
IGST =IGST +CGST +SGST.
CGST=IGST+CGST+Cash
SGST=IGST+SGST+cash
you to give priority to IGST to set off GST.
IGST =IGST +CGST +SGST.
CGST=IGST+CGST+Cash
SGST=IGST+SGST+cash
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 23 October 2019
You shall avail the ITC whichever is Lower :
Books ITC or GSTR2A +20%
For Eg : IFor October your ITC in Books is 80/- & In GSTR 2A it's 60/-
as per Above 20%of 60/- =12 (12+60)= 72/-
As 72/- is lower than 80/- , You can avail 72/- only.
Books ITC or GSTR2A +20%
For Eg : IFor October your ITC in Books is 80/- & In GSTR 2A it's 60/-
as per Above 20%of 60/- =12 (12+60)= 72/-
As 72/- is lower than 80/- , You can avail 72/- only.
subhagan sreerangam
(7054 Points)
Replied 23 October 2019
Eligible ITC is ITC displayed in GSTR 2A+20% of GSTR2A is it correct.?
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 23 October 2019
Yes correct....... when its lower than ITC .in books
Recent Topics
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
- Need your valueble insight.
- Softex For freelancer ?
- GST ON REIUMBURSEMENT ENTRY ON GST PORTAL
Related Threads
CAclubindia
