Libissa (Accountant) (319 Points)
14 September 2021I am doing private contract work i have issued a Invoice in August 2021 for Rs. 5100000/- GST 18% - 918000/- - Total 6018000/- I want to know whether i want to pay 1% GST in Cash Ledger or i can utilize full ITC amount in GST Tax
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13706 Points)
Replied 14 September 2021
AS you sales are above Rs 50 Lakh you can utilize ITC onlu upto 99% and pay 1% of your output liability in cash. However if in your latest ITR you have self assessment tax liaibity of Rs 1 lac or more you are exempted from this rule.
sabyasachi mukherjee
(27574 Points)
Replied 14 September 2021
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 15 September 2021
| Originally posted by : Libissa | ||
 |
I am doing private contract work i have issued a Invoice in August 2021 for Rs. 5100000/- GST 18% - 918000/- - Total 6018000/- I want to know whether i want to pay 1% GST in Cash Ledger or i can utilize full ITC amount in GST Tax |  |
You may utilize 100% ITC provided u file ITR with tax laiblity of 100000
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 15 September 2021
| Originally posted by : sabyasachi mukherjee | ||
|
Private contract work is issued as invoice of Rs. 51 lakhs.gst rate is different.what is the nature of contract?is there a works contract registration? | |
Work contract simply being in the nature if service attracts 18% tax rate
sabyasachi mukherjee
(27574 Points)
Replied 16 September 2021
Read works contract act which is also included here.
Different types of works contract are categorized differently.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 16 September 2021
we need to refer to GST Act in the Instant Case.
CAclubindia
