when have come in gross loss on trading and profit and loss account then whatever have sale there I claimed input goods can reversal on gst ?
any body have expert please clarify
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Loss on trading and profit and loss account
Replies (3)
Quick Summary
Your query is not clear,
Pls elobrate your query.
Input tax credit is available on purchases of Goods from registered person, whereas when you sale Goods you charge GST from customer and pay that GST to Government after set off of Input tax credit paid on purchases.
if your sale price is less than your purchase price, than there is a gross loss in Trading account.
Because of less sale price your ITC get accumulated in ITC ledger.
Pls elobrate your query.
Input tax credit is available on purchases of Goods from registered person, whereas when you sale Goods you charge GST from customer and pay that GST to Government after set off of Input tax credit paid on purchases.
if your sale price is less than your purchase price, than there is a gross loss in Trading account.
Because of less sale price your ITC get accumulated in ITC ledger.
Our ay 2017-18 tarding and profit and loss account have come on gross loss but gst officer telling when you have come gross loss then you have to reverse the ITC can you suggesed it's correct ?
You are under a normal scheme, not under composition.
Reversal of ITC is as per rule (like if you not paid to Creditors within 180 days, if you are dealing in exempt Goods along with taxable goods ect.).., in that, there is no criteria like if your trading account show loss, than you are required to reverse the ITC.
it's not correct.
Reversal of ITC is as per rule (like if you not paid to Creditors within 180 days, if you are dealing in exempt Goods along with taxable goods ect.).., in that, there is no criteria like if your trading account show loss, than you are required to reverse the ITC.
it's not correct.
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