if purchase goods from composition dealer will i get itc
if purchase goods from composition dealer will i get itc
IF WE PURCHASE FORM COMPOSITION DEALER WHAT ARE THE LIABILITIES OF TAX ON US
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
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.
Your are not logged in . Please login to post replies
Click here to Login / Register
Malhotra Rajesh & Associates
New Delhi
B.Com
View Details
RMA And Associates LLP
New Delhi
CA Inter
View Details
Abic and Mani Chartered Accountants
Kottayam
B.Com
View Details
CCI
Pro
India's largest network for
finance professionals