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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 | ||
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YES ITS 24% AS PER SECTION 50(3) , IF UNDUE OR EXCESS ITC BEING CLAIMED |  |
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Pls clarify below doubt Should i show 11k in ITC head or 7k after reducing the reverse. Thanks in advance
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