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GST ITC Query
In GSRT -9 table no.6(b) -totak ITC availed is to be classified as ITC on inputs,capital goods and input services.My question is that can we will insert the expenses details in the input services where we were claim the ITC on that particular expenses such as agent commission, repairs and maintenance etc which was lying in the P/L account.
Replies (4)
It is bifurcation of the ITC availed in 3 category only on totality basis. we can't insert additional sub category in Input Services.
I know very well but my question is can I put the expenses details in the input services head
Suppose you have purchased goods or taken services relating to your business. You would have paid GST on these purchases. The amount of GST paid by you is your Input Tax Credit (ITC). You can use this ITC against the GST payable by you on sale of goods or services.
For example, you have purchased goods from your supplier and have paid ₹ 10 as GST on those purchases. Now supposing you have sold goods to customers and have collected ₹ 30 as GST, you can use the ITC of ₹ 10 and will have to remit only ₹ 20 to the government as GST.
yes why not..confirm only these expenses are eligible for ITC.
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