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Sabita Sahoo (Querist)
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13 November 2017 Some goods like marble,chocolate etc.were 28% tax slab,now after 23rd council meeting tax rate of those products reduced to 18%.Thus now if a regd.person sell his goods at lower tax rate then how he would reduce the corresponding ITC in the event of deferment of filing GSTR2?As no ITC can be availed on higher rate where sale rate is lower than purchase rate?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 November 2017 Claim this ITC through gstr-3B . ITC can be claimed on higher input and lower out put tax. Refund can be claimed on such unutilised ITC in such a case.

Sabita Sahoo

Sabita Sahoo (Querist)
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13 November 2017 My query is that whether a regd.person can claim ITC @28% whose output tax is 18%?If no then where he has to reverse?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 November 2017 Yes and refund can be obtained for such excess ITC.

RAJA P M

RAJA P M (Expert)
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14 November 2017 @Sabita Sahoo., You can file and Claim as per your invoice. No more restriction for the before purchasing related tax values. Just you ll keep your purchase invoices...

Sabita Sahoo

Sabita Sahoo (Querist)
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14 November 2017 Sir,under odisha vat act ITC was allowed to the extent of output tax payable.I.e if sale value is less than the purchase value then ITC was allowed to the extent of output tax payable.excess ITC gets disallowed.Under gst if purchase value@28% is more than the sale value@5%(after reduction of tax rate council meeting) refund will be allowed?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 November 2017 Yes refund will be allowed in such a case.