GST INPUT AVAIL OR NOT

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shivani (Querist)
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15 September 2020 we are in hospitality business and we were issuing invoice and @ 18% GST with availing Input from purchase .But now from Oct'2019 on words we opt 5% Gst with no ITC claim , now can we use my earlier input balance in my current liability till it finish or have to deposit GST monthly. than will happen of my earlier ITC.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 September 2020 Yes, you can use your earlier input balance in your current liability till it finish.

shivani

shivani (Querist)
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08 October 2020 thankyou sir for the information, also i want to ask that if I file Income tax return from cleartax then ITR form 2 will be created and shown in income tax portal . can i file ITR through Clear tax ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 October 2020 Yes, not a problem.........

shivani

shivani (Querist)
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29 January 2021 I have a question regarding GST that one of our customer have paid amount which we have not issued bill in march2020. now for filing of ITR we had to shown income in 2019-20. Now how can I
issue a invoice now for arear income and rectify in GST march'2019 return. so that my GST 9 can be file proper.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 January 2021 Include it in GSTR 9 and pay GST with interest. Invoice may be issued in September 2019.

shivani

shivani (Querist)
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30 January 2021 Thank you sir, one more question for GST registration threshold limit 20 lac includes interest from ppf, Salary private sector and capital gain for sale of building or not.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 January 2021 Those items will not be included.

shivani

shivani (Querist)
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22 February 2021 Sir, NSC bonds and long term FD (5 yrs)are maturing, and interest will fall under 30% bracket ,means heavy income tax but want to avoid tax. So kindly advise, should the maturing amount be reinvested in the same scheme or please suggest any other option. also how it will be computed in salary income tax under section....

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