sir my client has took itc 33 lakhs but 2a appear only 31.50 lakhs
how to capping 20 percent sir
how calculation made?
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Gst capping itc 20 percent
Replies (3)
Dear Srikumar
calculation of 20 % cap is as given below
(Actual ITC claimed - 2A ITC)÷2A ITC
In your case it is ( 33 -31.5 )÷ 31.5 = 4% So it is with in the limit
calculation of 20 % cap is as given below
(Actual ITC claimed - 2A ITC)÷2A ITC
In your case it is ( 33 -31.5 )÷ 31.5 = 4% So it is with in the limit
Sir actual itc claimed u will mention that is gst 3b and
one or question sir.,
1) whether above capping 20 percent is applicable from 1.7.17 gst effective date or wef 9.10.19 ?
2) above calculation made only for year ending or month ending ? it should be work out is every month or 12 months consolidate ?
one or question sir.,
1) whether above capping 20 percent is applicable from 1.7.17 gst effective date or wef 9.10.19 ?
2) above calculation made only for year ending or month ending ? it should be work out is every month or 12 months consolidate ?
ITC Available = (2A +20% of 2A ) or (Book ITC for the period) whichever is less
1 .From 9/10/19
2.Month Ending
1 .From 9/10/19
2.Month Ending
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