Output and ITC-Input Credit
This query is : Resolved
Quick Summary
CMA Omkar.TIlve
(Querist)
24 August 2020
Local sales (gym service) for the month of Nov 2019 was Rs 6,03,200/- @18% (CGST Rs 55,188/- SGST Rs 55,188/-)
While filing GSTR-3B accidentally IGST @18% Rs 1,10,376 was put along with Rs CGST Rs 55,188/- SGST Rs 55,188/- due to which additional Rs 1,10,376 of excess got set-off from the available ITC
(sales were Rs 6,03,200/-)
how to reclaim the lost ITC
While filing GSTR-3B accidentally IGST @18% Rs 1,10,376 was put along with Rs CGST Rs 55,188/- SGST Rs 55,188/- due to which additional Rs 1,10,376 of excess got set-off from the available ITC
(sales were Rs 6,03,200/-)
how to reclaim the lost ITC
CA R SEETHARAMAN
(Expert)
24 August 2020
Reduce IGST 1,10,376 in the current month GSTR 3 b. This can be shown in GSTR
9 of 2019-20.
9 of 2019-20.
Lekhraj sood
(Expert)
24 August 2020
You will need to file refund u/s 54 in respect of excess payment of IGST.
CMA Omkar.TIlve
(Querist)
25 August 2020
Respected Seetharaman Sir,
There is no regular IGST input claim now so as to reduce it in monthly GSTR-3B, thats is so because now all the sales and purchase are on local basis. Only IGST ITC balance is pending as the capital equipment were purchased from out of state .Moreover Gym was started in Oct 2019 so the turnover is approx 25 lac, do we need to file GSTR-9
There is no regular IGST input claim now so as to reduce it in monthly GSTR-3B, thats is so because now all the sales and purchase are on local basis. Only IGST ITC balance is pending as the capital equipment were purchased from out of state .Moreover Gym was started in Oct 2019 so the turnover is approx 25 lac, do we need to file GSTR-9
CA R SEETHARAMAN
(Expert)
25 August 2020
IGST ITC can be adjusted against cgst and sgst payment.
Upto 2 crore turnover no need to file GSTR -9.
Upto 2 crore turnover no need to file GSTR -9.
CMA Omkar.TIlve
(Querist)
25 August 2020
Thank you so much Sir
CA R SEETHARAMAN
(Expert)
25 August 2020
How to correct wrong credit availed as CGST & SGST instead of IGST or vice versa for finalizing GSTR 9/9C for FY 2018-19 by CA Bimal Jain.
Kindly watch at -
https://youtu.be/TPZ8ZgTlZdE
Kindly watch at -
https://youtu.be/TPZ8ZgTlZdE
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