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ITC of reverse charge???

shifa (article assistant) (43 Points)

25 September 2017

when we will get itc of tax paid under reverse charge for the month of July in gstr 3b.

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24 Replies

Ankit Rikhi (567 Points)
Replied 25 September 2017

amount will be reflect on cash ledger show.

shifa (article assistant) (43 Points)
Replied 25 September 2017

it is not showing there

Ankit Rikhi (567 Points)
Replied 25 September 2017

what kind of reverse charge u have to pay ?

Ankit Rikhi (567 Points)
Replied 25 September 2017

if u buy from unregistered person and the amount exceeds 5000 a day.. then the eligibility to pay register person & there is no itc claim input tax under GST.

Ankit Rikhi (567 Points)
Replied 25 September 2017

reverse charge only basis for some expenses & freight charges.

shifa (article assistant) (43 Points)
Replied 25 September 2017

freigt gst paid at the rate of 18 %.
is this ineligible for credit purpose.

Ankit Rikhi (567 Points)
Replied 25 September 2017

freight GST paid 5%

Ankit Rikhi (567 Points)
Replied 25 September 2017

reverse charge condition

shifa (article assistant) (43 Points)
Replied 25 September 2017

when we pay 5% there is no itc

shifa (article assistant) (43 Points)
Replied 25 September 2017

so we pay 18% to get credit

Ankit Rikhi (567 Points)
Replied 25 September 2017

Tax paid on reverse charge basis will be available for input tax credit if such goods and/or services are used, or will be used, for business. The recipient (i.e., who pays reverse tax) can avail input tax credit.