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

what we can claim itc.. now

Gulshan Agrawal (Student Others) (122 Points)

17 September 2018

Sir our business is a wholesale...
We received a commision from company and company pays commision after deducting gst
So we forgot to take itc in 3b on this commision of year 17-18
What we can take itc of this commision in 3b now?

Reply
Follow
Share

6 Replies

Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 17 September 2018

There is no deduction of GST, check its 5% deduction of TDS as per section 194H of Income Tax Act, 1961.

No person can deduct GST. They can pay under RCM and take credit again but can't deduct the same.

Upgrade to CAclubindia Pro. Subscribe Now!

Vinod Babu (24191 Points)
Replied 17 September 2018

Yes, you can....

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 17 September 2018

But when you are receiving the commission ( CNT) you will reverse the ITC .
So reverse the ITC in your current 3b , with interest of 24%

Do prepare the reconciliation state for the same .

Note : Its mandatory you should reverse your ITC as the TDS will going to reflect in you 26AS (under commission)