WE ARE DEALING IN XYZ GOODS WHICH ARE PURCHASED AT SUPPOSE 100/- GST 18/-
IN THE MEAN TIME DUE TO MARKET SLUMP, RATE GOES DOWN, PRODUCT GOT SOLD AT 40/- RATE IS 18% SO TAX IS 7.20/- WHAT SHOULD BE DONE TO BALANCE ITC
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Sale at below purchase price in GST
Replies (7)
The balance itc can be utilised aginest further gst liabilty
carry forward in gst return and can utilise in future against gst output liability.
ITC shall be carry forward and it shows in your electronic ledger.
Yes , ITC balance will C/f
no you cannot carry forward ITC for that particular product
reason ?
good clarification and information
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