CLAIMING ITC FOR NIL FILING
This query is : Resolved
18 July 2022
Greetings !!
My turnover is less than 20 lakhs and have a gst registration .. how do i claim itc ??
regards
My turnover is less than 20 lakhs and have a gst registration .. how do i claim itc ??
regards
18 July 2022
If you are registered dealer under GST, the Rs. 20 or 40 Lakhs limit is immaterial.
If You are regular dealer (not Composite dealer), you have to charge GST, pay it to treasury, and claim ITC against it.
You also have to comply GST return filing.
If You are regular dealer (not Composite dealer), you have to charge GST, pay it to treasury, and claim ITC against it.
You also have to comply GST return filing.
18 July 2022
i have a consultancy company and the gst is service related .. and not a composite dealer ... my turnover is less than 20 L and basically i dont need to file gst .. but i have a gst registration as without that i was not getting an account .. i claim itc for products bought for company use ... usually i file nil filings also .. dunno if i am getting everything right ..
18 July 2022
File quarterly returns with data of output service details. Claiming ITC no harm, but regular return filing is mandatory.
19 July 2022
SINCE MY COMPANY REVENUE WAS LESS THEN RS 20 LAKHS I WAS FILING NIL .. THE GST WE USED TO CHARGE WE USED TO PROVIDE AS CASHBAK TO OUR CUSTOMERS .. ( A BIT OF MARKETING BENEFIT ) .. AND CLAIM ITC ON PRODUCTS BOUGHT FOR COMPANY USE .. HOPE THAT IS OK ??
19 July 2022
The process is wrong. You were charging GST from customers, which you were liable to deposit with governmental treasury. But You were filing nil return, while you were claiming ITC on your purchase. (difficult to understand how?)
You need to rectify the mistake at earliest, otherwise action will be initiated against you as per law.
You need to rectify the mistake at earliest, otherwise action will be initiated against you as per law.
Message likes :
1 times
19 July 2022
You are welcome..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Copyright software
- Value of property in capital gain
- When TDS on GST applied
- Annual return in Gst
- FORM 26A APPLICABILITY
- Before GSTAT- APL-02 Vs APL-04
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
