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ITC in gst
can we claim itc of medical because of unsold stock
Replies (12)
please explain with a case what are the situations
sir i have and chemist shop and last 1 year it is in accumulated ITC are near 1.5 lakh can i claim this ITC as a refund
Have you stopped the business???
no business are running but in every month i purchase near 12 lakh but my sale are around 6 to 7 lakh thats why my accumulated total ITC from july to april are 1.5 lakh can we claim as refund by submitting RFD 1
No you cant claim ITC refund in this case.
It will be carried forward to next month for adjusting the liabilities.
It will be carried forward to next month for adjusting the liabilities.
but last whole year my ITC are greater than output tax so then what will i do in this case
- Accumulation of unutilized ITC due to higher tax rate on inputs than the output supplies (other than zero-rated/exempted goods)
Note: No refund of unutilized ITC would be allowed under the following cases:
- If the unutilized ITC is for GST paid on goods exported out of India which attract excise duty.
- If the supplier of goods has availed duty drawback on the excise duty paid or claims the refund on the integrated tax paid on such supply
only in this case you can claim ITC
sir i purchase medicine on 5.9 .12.5% gst rate but my sale mostly fall in 9 prcent is it this case are covered in inverted tax structure
no it mean input are taxable at a higher rate and output are taxable at lower rate for example input goods are taxable at 12% and output goods are taxable at 5%.
so in that case what i do in current year same thing happan and accumuleted ITC are increaseing every month because of lower sale value and higher amt of purchase
You have to sale the goods as the same gst rate while purchase.
Dear All I need your valuable help I want to khow about provision entries in a/c on 31.03.18
any criteria for provision entry of electricity billing date or bill issue date
electricity bill date 24.04.18 (bill paid on 05.05.18)
bill period 22-03-2018 to 21-04-2018
what is the provision entry?
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