Menu
ITC Reversal
Please check once again .. interest rate 18 % or 24 % ???
NO ITS NOT DUE TO SETTING OFF ITC, CREDIT IS BLOCK UNDER SECTION 17(5) ON FOOD & YOU HAVE CLAIM THE ITC FOR WHICH YOU ARE NOT ELIGIBLE.
IGST CREDIT WILL FIRST SETOFF AGAINST IGST OUTPUT ->THEN BY CGST OUTPUT-> THEN BY SGST OUTPUT
FOR DETAIL IN THIS REGARD REFER SECTION 49 OF CGST ACT
YES ITS 24% AS PER SECTION 50(3) , IF UNDUE OR EXCESS ITC BEING CLAIMED
| Originally posted by : Pankaj Rawat | ||
 |
YES ITS 24% AS PER SECTION 50(3) , IF UNDUE OR EXCESS ITC BEING CLAIMED |  |
|
Pls clarify below doubt Should i show 11k in ITC head or 7k after reducing the reverse. Thanks in advance
|
Recent Topic
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
- Exempt income declaration schedule EI in ITR2 (AY2
- Mold cost invoice in GST return
- WhatsApp document sharing: Client sends Aadhaar, P
Related Topics
CAclubindia
