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New ITC Calculation


subhagan sreerangam   22 October 2019

subhagan sreerangam

 208 likes  6690 points

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Please give the details of New ITC Claim as 42/2019 CGST Amendment Rule with effect from October GSTR3B.

Jayaprasad6819@gmail.com Prasa   22 October 2019

Jayaprasad6819@gmail.com Prasa

 4 points

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Hi sir,

you to give priority to IGST to set off GST.

IGST =IGST +CGST +SGST.
CGST=IGST+CGST+Cash
SGST=IGST+SGST+cash

avater

Pankaj Rawat (GST Practitioner)     23 October 2019

Pankaj Rawat
GST Practitioner 
 3456 likes  46849 points

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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.

avater

subhagan sreerangam   23 October 2019

subhagan sreerangam

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Eligible ITC is ITC displayed in GSTR 2A+20% of GSTR2A is it correct.?

avater

Pankaj Rawat (GST Practitioner)     23 October 2019

Pankaj Rawat
GST Practitioner 
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Yes correct....... when its lower than ITC .in books

avater

subhagan sreerangam   23 October 2019

subhagan sreerangam

 208 likes  6690 points

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Ok thanks you Pankaj Rawat Sir.

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