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GST related query

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Ajnas

Student

570 Points Posted on 23 February 2021

If january month GSTR 2B IGST Input Rs.100000 SGST Input Rs. 50000 CGST input Rs.50000,
1.Provsional itc 105% is calculated for igst, sgst, and cgst seperately ( IGST inputRs. 5000, Sgst input Rs.2500 cgst input Rs. 2500) or aggregate (5% on 200000)?
2.out of above of igst input Rs. 100000 Rs. 50000 input relating to December month filed by supplier in January month, in December month recipient already claimed provisional itc Rs.30000 relating to not uploaded invoice by the supplier, then for 105% itc calculation in January month how to calculate provsional itc? IGST input Rs. 50000+5%GST on 50000 or IGST input Rs. 20000+5% GST on Rs. 20000(Rs. 50000-Rs. 30000)?

Replies (2)

Quick Summary

This discussion clarifies how to calculate provisional Input Tax Credit (ITC) under GST, specifically addressing the 105% rule. It explores whether the calculation applies separately to IGST, SGST, and CGST, or on an aggregate basis. The query also delves into scenarios where supplier filings are delayed and how this impacts the ITC calculation for the current month, advising to claim actual ITC as per GSTR-2B to avoid reconciliation issues.

CA Altamush Zafar

GST Consultant

10402 Points Posted on 23 February 2021

Don't go into complications of taking 105%. You will face immense trouble in reconciling it. Take only actual ITC as per GSTR-2B. If already taken in previous months don't take in this month