ABC Ltd is a E- commerce operator, YUVI Ltd in Karnataka sold goods Rs.500000+18% GST through ABC Ltd to XYZ Ltd in Karnataka , Actual TCS liability in this case is Rs. 5000(1% on Rs.500000), but ABC Ltd paid Rs. 50000 ( 1% on Rs. 5000000) to the government by mistake during the month april 2021 GSTR 8, but YUVI Ltd is not filed "TCS credit received statement " and not claimed such amount in electronic cash ledger, so that such mistake rectified by the ABC Ltd while filing the may 2021 GSTR 8 and YUVI Ltd claimed correct Rs.5000 by filing the TCS credit Received statement and credited to electronic cash ledger of YUVI Ltd, But ABC Ltd already paid Excess TCS in this case, Rs. 45000(Rs.50000-Rs.5000),
Query 1:- ABC Ltd can claim this amount as a GST refund? If yes under which head can apply for refund?
Query 2:- Instead of Refund ABC Ltd can adjust such Rs.45000 against the subsequent month TCS liability? If yes What is Time limit of such adjustment?
CAclubindia
