Itc reverse

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Avinash Jeevan Dsouza

Avinash Jeevan Dsouza (Querist)

30 March 2019 what comes under ITC Reversed (a) As per Rule 42 & 43 of CGST/SGST rules (b) Others in GSTR 3B?

CA Anita Bhadra

CA Anita Bhadra (Expert)

31 March 2019 ITC reversed as per Rule 42 means reversal because of availed ITC for inputs & Input services used for non business , exempted , zero rated , ITC not available etc

Reversal against Rule 43 means ITC availed for capital good now disposed off .

All other reasons such as reversal due to non payment within 180 days , etc will be shown under heading all others

Avinash Jeevan Dsouza

Avinash Jeevan Dsouza (Querist)

01 April 2019 Thank you so much.
Can you explain what come in Ineligible ITC
a) As per section 17(5)?
b) Other?

Avinash Jeevan Dsouza

Avinash Jeevan Dsouza (Querist)

01 April 2019 and can you explain me how do we need to treat the ITC. If the ITC for business purpose is 400 and non buiness purpose in 400 so total ITC is 800/-

so please tell us whether the below treatment of the transaction is correct?
(A) ITC Available (whether in full or part)
(5) All other ITC Rs. 800
(B) ITC Reversed
(1) As per Rule 42 & 43 of CGST/SGST rules Rs. 400

CA Anita Bhadra

CA Anita Bhadra (Expert)

01 April 2019 Ineligible ITC under 17(5) is blocked credit ie- ITC on purchase of motor vehicle , ( subject to certain condition ) outdoor catering etc etc

Other ineligible credit means when a registered person has to reverse credit for non compliance ( fulfilling certain condition ) for example -Recipient of goods has to reverse credit if not paid to supplier within 180 days

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