Reverse charge claim itc or not

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2017 i have purchase goods from unregistered person around 1486129 value and gst @ 5% 74306 rs value.
outward supply 1600759 /- gst @ 5% 80038 . pls suggest me what will be tax liability in july month. can i claim itc of reverse charge goods or not pls tell me......

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 August 2017 If you have paid 74306 in July you can deduct it from 80038 and pay the balance before 20th August.

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2017 TAX PAYABLE FORMULA = (OUTPUT TAX LIABILITY +TAX PAYABLE UNDER REVERSE CHARGE)-INPUT TAX CREDIT AVAILED FOR THE MONTH OF JULY

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2017 PURCHASE GOODS UNDER REVERSE CHARGE ...............

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2017 THAN I THINK TAX PAYMENT WOULD BE 154344/-

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2017 THAN I THINK TAX PAYMENT WOULD BE 154344/-

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 August 2017 No the tax payable=tax payable under RCM+(out put tax payable-itc)
Tax payable=74306+(80038-74306)
Tax payable=80038.

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2017 I have an old stock up to 30 June around 35 lac all stock purchase from Unregistered person(farmar) 3 % tax in that time now has been increased by 5% than how to adjustment of stock nd pay tax . is it reflected 3B return or not

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 August 2017 Pay stock held under RCM and report in 3b.

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2017 What will be rate of tax while payment of tax of old stock 3% or 5%?

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2017 dear sir still waiting ur reply