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how to calculate Input Tax Credit
how to calculate input tax credit in gst return...in sales bill nd purchase bill how we calculate itc...please elaborate...
Replies (8)
it is calculated on the basis of tax suffered by you in the purchase bills. The amount of ITC is to be shown in GST 3B or GSTR3 (TABLE 6).
You just Calculate Your Tax as Follow :
Your All purchase Bill Tax is Your ITC...
Your all Taxable Inward supplies Tax is Your ITC
In case you ll paid RCM related Tax then it's also Your ITC...
Finally You ll less Your all ITC to Your All Liabilities based On your ITC Haed and Rules...
Thanx sir....if my purchase bill tax is 6458.00 in taxable bill of rs 35873.00 nd my sale bill tax is 6996.00 in taxable bill of rs. 38867.00....than what will be the output....nd where to show the itc in gstr3b return....Please clarify....Please sir...
I'm not understand for the Values. Please elobrate once Again as follows
Basic Value + Tax = Total...
purchase bill
basic value is 35873.00
tax is 6458.00 18 % cgst nd sgst @ 9 % each...
sale bill
basic value is 38867.00
tax is 6996.00 @ 18% cgst nd sgst @ 9 % each..
basic value is 35873.00
tax is 6458.00 18 % cgst nd sgst @ 9 % each...
sale bill
basic value is 38867.00
tax is 6996.00 @ 18% cgst nd sgst @ 9 % each..
GSTR 3B :
3.1 - (Sales Details)
a)
4) - (Purchase Tax)
(5) All other ITC - (Only Tax value)
3.1 - (Sales Details)
a)
4) - (Purchase Tax)
(5) All other ITC - (Only Tax value)
Thanks Raja Sir...after put this figures on GSTR3B ...how we set off the figures after submission..
Go to "Payment of Tax" column -->>> Paid through ITC column
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