HOW TO CALCULATE PROVISIONAL ITC 20
This query is : Resolved
raghavendra b
(Querist)
23 December 2019
DEAR SIR,
PLEASE EXPLAIN HOW TO CALCULATE 20% ITC RESTRICTION
REGARDS
PLEASE EXPLAIN HOW TO CALCULATE 20% ITC RESTRICTION
REGARDS
24 December 2019
Say Your ITC as per Your inward supplies Rs 10000...
Ex 1. In GSTR 2A ITC showing 6000 then You can claim 6000+1200 (20% on 6000) = 7200 only...
Ex 2. In GSTR 2A ITC showing 9000. We will calculating the 20% rule like 9000+ 1800=10800. After calculating ITC showing excess of book value then You can claim ITC 10000 as per Your book value..
24 December 2019
Note : Now the rule will be reducing 20% to 10% in 38 GST Council Meeting. But, No more notifications about the same.
raghavendra b
(Querist)
24 December 2019
THANK YOU SIR YOUR KIND REPLIES
REGARDS
REGARDS
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