How to adjust 18% input gst to output 5%
This query is : Open
17 March 2018
Sir, In our Firm, After GST We will Purchase the input @ 18% GST & sell the Product @ 5%GST so we will get the Credit of the 5% out off 18% but What about Remaining 13% input which we will paid excess..our HSN code is 8607 input credit not refund how to adjust remaining 13%.
KAVIRAJA ADDANGADI
(Expert)
17 March 2018
Refund of unutilized input tax credit can be claimed in the following two cases under GST:
Unutilized input tax credit on zero-rated goods/services on which no payment of tax was made can be claimed as refund.
Accumulation of unutilized ITC due to higher tax rate on inputs than the output supplies (other than zero-rated/exempted goods)
Excess credits either you can carry forward or The balance in Electronic Cash Ledger can be claimed as a refund by submitting a refund application form RFD – 01. This can be done online on the GST Portal/ GSTN
Unutilized input tax credit on zero-rated goods/services on which no payment of tax was made can be claimed as refund.
Accumulation of unutilized ITC due to higher tax rate on inputs than the output supplies (other than zero-rated/exempted goods)
Excess credits either you can carry forward or The balance in Electronic Cash Ledger can be claimed as a refund by submitting a refund application form RFD – 01. This can be done online on the GST Portal/ GSTN
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