if purchase goods from composition dealer will i get itc
Menu
ITC on purchase from composition dealer
Replies (13)
Not available on composition purchase
no u would not claim Itc
itc will be available only if u have paid tax as per tax invoice
composition dealer not raise any tax invoice to you just he will issue a bill of supply, so your not paying any GST and same ITC also not available..
I Agree with pradeep
Agree with Mr. Pradeep.
Ya Pradeep Sir reply is rite
IF WE PURCHASE FORM COMPOSITION DEALER WHAT ARE THE LIABILITIES OF TAX ON US
No liability arises
Composition Dealer How Much to Pay Tax on there Purchase from Normal Tax Payer
if the normal tax payer have 18% or 28% of there gst rate
Normal Rate. And even though as per law he cannot claim ITC paid by him. This is the limitations for composite dealer..
Just to clarify further, if a supplier was NOT under composition scheme during any period within a given financial year (i.e. his status was regular) then for invoices issued during such period he should issue Tax Invoice for taxable goods and levy GST, which you can claim as ITC and which needs to be reported by the supplier as B2B or B2C sales in his GSTR-1 (B2B reportings will reflect in your GSTR-2A).
However, if the supplier mistakenly reports any sales as B2B along with tax figures in his GSTR-1 for the period when he was under composition. The invoice may reflect in your GSTR-2A, but it will NOT be part of auto-populated ITC figures as per Table 8A of your GSTR-9. It is obvious, that such ITC was wrongly reported by the supplier and therefore you should NOT claim/avail such ITC in your GST returns.
Composition Dealer Should not Collect GST from buyers
he must pay 1% tax on his total sales
Recent Topics :
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
- GST RATE ON FILM PRODUCTION
- Section 54
- Why are foreign investors suddenly buying Indian s
- TDS ON IMMOVABLE PROPERTY - PURCHASE FROM NRI &
- Query to Tax Garden tax consultant
Related Topics :
CAclubindia
