Claim for Refund of Input Credit under GST

ITC / Input 436 views 32 replies

Hello! Everyone,

I have active GST number and paying my returns regularly. By profession, I am into the business of tours and travels.

Recently I've taken a truck on loan and invoiced under my GST no. I have got a GST credit of Rs. 5,40,000 at the tax rate of 28%. I have two queries which I'd like to ask the pannel and help me resolve it.

1) Can I do some kind of trading business and use the available credit to pay off the GST. And can it be used for products under 18% GST category.

2) Can I claim for a refund of this input tax credit available. If so, please let me know how should this be done.

Please guide me though this.

Thank You!

Replies (32)
1. Sir firstly I need to know for what purpose you are using that truck???

Thank You for the response.

The truck will be used for transport business not for self use.

And whether you are paying tax on forward charge for transportation business.

No. I'm not.

I want to use this credit for my trading business under the same name and GST ID. I also deal into spare parts wherein I'm looking to use this credit.

Or by any means can this credit be physically withdrawn by filing for refund.

It is not possible.
Originally posted by : CA Rashmi Gandhi
It is not possible.

If refund is not possible. I assume this credit can be used in paying GST for my trading business.

No sooner or later department will ask you to reverse the ITC and that time you have to reverse back with interest.

Either justify that the truck is used only for you trading business and all the supplies are taxable in nature.
@ Mr Krunal Parekh,

As per Your query You are doing "TOURS AND TRAVELLS" business.

But,

What is the use of the truck...???

Couldn't understand your complicated language. Pls can you explain in easy language 

Originally posted by : Krunal Parekh
Couldn't understand your complicated language. Pls can you explain in easy language 

Ohh Sorry...

 

Antha Truck enna velaikkaakaa vaanki irukkeenka Iyyaa...

(What is the exact usage for the truck )

He already clarified earlier he used it for transport purpose.
Originally posted by : CA Rashmi Gandhi
He already clarified earlier he used it for transport purpose.

Read the query from first to last including Your reply...

 

And I just asking YOU few more questions with Your above replies...

What You mean TRANSPORT...??

Can you elaborate...??!

Which vehicles can be use for transport (as you said)...??

What are the lo link between Tours & Travells and Transport...??

Originally posted by : CA Rashmi Gandhi
He already clarified earlier he used it for transport purpose.

I think he is not satisfied with Your replies.

So, only I came and attend this query.

No issues , but I thought you have not read earlier responses.


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