Sir/ Madam,
I had choosed for Self Assessment method since there is no tax payment in previous month.
Since, there is no full ITC in GSTR 2B and im forced to pay a higher Tax in cash to avoid interest liabilities for the two months( Same the case may be in the month 2 too).
And when filing the third month return there may be much ITC and the paid tax in cash in month 1 & 2 stands fully unutilised.
Can I apply for a refund of the balance cash ? Or what should I do while calculating the tax liability in 1&2 months of the quarter to avoid excess tax payments ?
Please guide me.
Kindly make a reply.
Restriction on itc will obviously cause working capital problems.
However if you will have itc as per 2b at the end of quarter and after adjusting you have excess cash in cash ledger you can claim refund.
For further query you can mail me
CAclubindia
