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Common Input tax credit
I have 1lakh of input on whole and ineligible ,input of exempted supplies comes to 35000 ,And I have both exempted supplies of 25000 and taxable supplies 60000 .How much amount of input should I book in my 3B for the electronic credit ledger?As far as I have studies it showed that total input (1lakh-35000) to be in electronic credit ledger and the proportionate itc to be reversed in Gstr-2 is that right or should I show the proportionate calculation in Gstr-3b itself? Please help me with this query!
Replies (5)
You can take input that related with taxable supply.
You mean to say on proportionate basis in 3b ?
You have to make payment on the basis of 3B return so liability to be finalised on 3B level. Proportionate Credit attributable to taxable supplies to be computed on Common Credit. And all these details of proportion to be shown in Form GSTR-2.
@ Gayathri Ji
Can give the complete fiqures for :
1.Total Input
2. ITC related to Goods used for supplying Exlusively exempted supply
3. ITC avail on Goods which are block u/s 17(5) , ineligible ITC
4.ITC related to goods used for supply exclusively Non business acticities
5.Value of Taxable supply
6. Value of Exempted supply
Kindly provide me fiqures as per above i will let you know how actual credit is available to you & how much to be reversed ....
Can give the complete fiqures for :
1.Total Input
2. ITC related to Goods used for supplying Exlusively exempted supply
3. ITC avail on Goods which are block u/s 17(5) , ineligible ITC
4.ITC related to goods used for supply exclusively Non business acticities
5.Value of Taxable supply
6. Value of Exempted supply
Kindly provide me fiqures as per above i will let you know how actual credit is available to you & how much to be reversed ....
And one point (7) ITC related to goods supply exclusively Taxable suppky
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