GST INPUT ON NIL RETURN
This query is : Resolved
15 April 2024
Hi,
I am not doing any business since last year, but i am filing NIL return Qtly, last Qtr. i bought some thing for my business use which credit amount is showing in my id for claim.
now what should i do.
1. Should i file NIL return as usual and ask refund of credit amount separately.
2. Should i keep credit amount for coming months returns (and how long i can keep it)
3. Can i claim it with NIL return.
I am not doing any business since last year, but i am filing NIL return Qtly, last Qtr. i bought some thing for my business use which credit amount is showing in my id for claim.
now what should i do.
1. Should i file NIL return as usual and ask refund of credit amount separately.
2. Should i keep credit amount for coming months returns (and how long i can keep it)
3. Can i claim it with NIL return.
15 April 2024
If that goods are intended to be used in the course of business, then you can claim it with nil output return
15 April 2024
you wont get refund of this amount separately.
The credit can be claimed before earlier of 30th November of the next financial year and the date of filing the annual returns in form GSTR-9 relating to that financial year.
You can claim input credit only against a sales invoice. So filing nil return wont serve any purpose here. After the above mentioned dates, the input credit too will become ineligible
The credit can be claimed before earlier of 30th November of the next financial year and the date of filing the annual returns in form GSTR-9 relating to that financial year.
You can claim input credit only against a sales invoice. So filing nil return wont serve any purpose here. After the above mentioned dates, the input credit too will become ineligible
16 April 2024
1. No. Don't file Nil return if You have purchase input tax as per Your query. File GSTR 3b with the said Input Tax. It's can't be claim as refund. ... 2. You can utilise this ITC in Your future Sales.....
(Once You avail the ITC through GSTR 3b then it will utilise any of the future returns. It's can't be lapsed.)
16 April 2024
please read section 16(4) of CGST act.
16 April 2024
Refer the section, It's without claim through return. Not for balance credits in Electronic Credit Ledger. Electronic Credit Ledger Balance not lapsed and it can be use future business sales.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- Annual return in Gst
- TDS APPLICABILITY......
- Copyright software
- 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
