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what we can claim itc.. now

ITC / Input 150 views 6 replies
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Student Others
122 Points Posted on 17 September 2018
Sir our business is a wholesale...
We received a commision from company and company pays commision after deducting gst
So we forgot to take itc in 3b on this commision of year 17-18
What we can take itc of this commision in 3b now?
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On 17 September 2018 at 16:12 Report
Replies (6)
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Student
3193 Points Posted on 17 September 2018
There is no deduction of GST, check its 5% deduction of TDS as per section 194H of Income Tax Act, 1961.

No person can deduct GST. They can pay under RCM and take credit again but can't deduct the same.
24 Reply
On 17 September 2018 at 16:20
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24196 Points Posted on 17 September 2018
Yes, you can....
161 Reply
On 17 September 2018 at 17:57
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GST Practitioner
55067 Points Posted on 17 September 2018
But when you are receiving the commission ( CNT) you will reverse the ITC .
So reverse the ITC in your current 3b , with interest of 24%

Do prepare the reconciliation state for the same .

Note : Its mandatory you should reverse your ITC as the TDS will going to reflect in you 26AS (under commission)
301 Reply
On 17 September 2018 at 20:56
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Student
3193 Points Posted on 17 September 2018
@ Pankaj Sir nahi smjha, GST kon sa reverse krna hai, commission ka bill to raise krna tha with GST inhone raise ni kia
24 Reply
On 17 September 2018 at 21:14
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24196 Points Posted on 17 September 2018
Yes agreed with Pankaj ji.
Yes, Tds is reflected in 26As.
161 Reply
On 17 September 2018 at 21:46
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GST Practitioner
55067 Points Posted on 18 September 2018
@ Rohit ji
he is receiving commission CNT from company (Its income)
301 Reply
On 18 September 2018 at 09:24


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