M/s B incorporation, Delhi received an inward supply of goods from its head office M/s B incorporation, Mumbai on 20th August 2017 valuing ₹10 lacs with an input of ₹ 180000. M/s B incorporation, Delhi had supplied the goods .There is no other transaction between the offices of M/s B incorporation during the financial year.
Q1. what is the amount of ITC available to M/s B incorporation, Delhi?
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Amount of ITC available to the company
Replies (6)
What about M/s B's Supplied values...?
Is it actual transactions or exam question...?
Is it actual transactions or exam question...?
it is not a exam question it is just a case study which I have to solve to know more about Gst
As per Your question
*ITC available Rs. 18000...
**Goods are Supplied then the ITC set off it's outward liabilities. After set off no more ITC available in the hands of M/s B Delhi...
*ITC available Rs. 18000...
**Goods are Supplied then the ITC set off it's outward liabilities. After set off no more ITC available in the hands of M/s B Delhi...
M/s D Ltd. received an inward supply of goods from M/s 123 Ltd. on 4th October 2017 valuing ₹ 200000 with an input of ₹ 36000 vide invoice dated 1st October 2017 . it also received an inward supply of goods from the same vendor on October 2017 valuing ₹ 500000 with an input of ₹ 90000 vide invoice dated 6th October 2017. M/s D Ltd made payment of both the invoice 3rd April 2018.
Q1. is there any liability in GST Act for M/s D.Ltd.?
Q1. is there any liability in GST Act for M/s D.Ltd.?
| Originally posted by : Onz SaM KuMaR | ||
 |
M/s D Ltd. received an inward supply of goods from M/s 123 Ltd. on 4th October 2017 valuing ₹ 200000 with an input of ₹ 36000 vide invoice dated 1st October 2017 . it also received an inward supply of goods from the same vendor on October 2017 valuing ₹ 500000 with an input of ₹ 90000 vide invoice dated 6th October 2017. M/s D Ltd made payment of both the invoice 3rd April 2018. Q1. is there any liability in GST Act for M/s D.Ltd.? |  |
Yes...
As per sec 16(2) of CGST Act The 1st Invoice (Dt : 01/10/2017 But issued on 04/10/2017*) crossed the limit of 180 days from the Issued date of Invoice. Such Tax value reversed to Output Tax Liability with Interest...
No more liability in the 2nd Invoice (Dt : 06/10/2017**) it's crossed the limit Just 179 days...
*Issued date is taken for the limit of 180 days..
**Based on invoice date. No details of issued date...
M/s sitaram trading company is engaged in the business of selling plastic granules . Being a trading company , it was registered under erstwhile VAT Act . As per VAT return filed for the period ending 30th June 2017 , the company did not carry forward any VAT input tax credit . ON 30th June 2017., the company was having a stock of 9.75 lacs . As the company was not having input credit of VAT, it did not file Trans 1. To claim the deemed credit as per Proviso to sec 140{3} of the CGST Act , it filed Trans 2 on 3rd July 2018.
Q1. is the company eligible to claim deemed credit through Trans 2 filed on 3rd July 2018?
Q1. is the company eligible to claim deemed credit through Trans 2 filed on 3rd July 2018?
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