inder (Accountant) (35 Points)
26 June 2017
Purnima
(Professional)
(289 Points)
Replied 26 June 2017
One can claim ITC if he/she is in possesion of duty eligible document.In absence of such document Ad-hoc credit shall be available to traders as follow:
%age of Ad-hoc credit |
Rate of GST |
| 40 % of CGST | Less than 18% |
| 60% of CGST | Equal to or more than 18% |
| 20% of IGST | Less than 18% |
| 30% of IGST | Equal to or more than 18% |
Example:
| Particulars | Amount |
| Base Price | 500 |
| Add: CGST at 6 % | 30 |
| Add: SGST at 6% | 30 |
| Total Commercial Value | 560 |
| Less:Discount Eligible Credit at 40% of CGST i.e., Rs.30 | 12 |
| Selling Price | 548 |
Hope this helps!
CAclubindia
