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New ITC Calculation
Please give the details of New ITC Claim as 42/2019 CGST Amendment Rule with effect from October GSTR3B.
Replies (5)
Hi sir,
you to give priority to IGST to set off GST.
IGST =IGST +CGST +SGST.
CGST=IGST+CGST+Cash
SGST=IGST+SGST+cash
you to give priority to IGST to set off GST.
IGST =IGST +CGST +SGST.
CGST=IGST+CGST+Cash
SGST=IGST+SGST+cash
You shall avail the ITC whichever is Lower :
Books ITC or GSTR2A +20%
For Eg : IFor October your ITC in Books is 80/- & In GSTR 2A it's 60/-
as per Above 20%of 60/- =12 (12+60)= 72/-
As 72/- is lower than 80/- , You can avail 72/- only.
Books ITC or GSTR2A +20%
For Eg : IFor October your ITC in Books is 80/- & In GSTR 2A it's 60/-
as per Above 20%of 60/- =12 (12+60)= 72/-
As 72/- is lower than 80/- , You can avail 72/- only.
Eligible ITC is ITC displayed in GSTR 2A+20% of GSTR2A is it correct.?
Yes correct....... when its lower than ITC .in books
Ok thanks you Pankaj Rawat Sir.
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