TMI Blogreversal of common input credit used for both taxable and non taxable suppliesX X X X Extracts X X X X X X X X Extracts X X X X ..... As per 42 of CGST 2017 common input credit used for both taxable and non taxable supplies should be reversed. I want know whether credit can be availed after deducting the items mentioned in Rule 42 or it must be reversed after taking credit in GSTR 3B and then only reversed. - Reply By Ganeshan Kalyani - The Reply = Sir, first you have to show all in table 4(A) and then show reversal i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n table 4(B) of GSTR 3B . - Reply By Shilpi Jain - The Reply = Yes agree. However in case this kind of disclosure was missed you can make an intimation to dept else rectify the disclosure while filing GSTR-9 annual return - Reply By Atul Mehrotra - The Reply = Dear Experts. What would be the practical implication if a registered person avails net ITC i.e. the eligible portion without f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ollowing the procedure laid down in rule 42 ? - Reply By Ganeshan Kalyani - The Reply = The department would understand by referring what is furnished in the return. Then you have to justify that this is the net input tax credit. In my view, it is only procedural method and do not amount to non-compliance. - Reply By Shilpi Jain - The Reply = Agree with Mr. Ganesh. Procedural aspects can be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... condoned and should not be leading to greater consequences. - Reply By KASTURI SETHI - The Reply = Sh.Rao Rao Ji, I think you are talking about maintenance of separate account for taxable and non-taxable supplies for the purpose of ITC. In Section 17 of the CGST Act, 2017 as well as Rules 42 and 43 of the CGST Rules, 2017 , there is no provision for exercising option like mainten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance of separate account or payment of an amount of six or seven per cent of the value of exempted supplies, as it existed under erstwhile Rule 6 of Cenvat Credit Rules, 2004 . Such option/provision in Central Excise era was omitted vide Notification No.13/2016-C.E. (N.T.) dated 1-3-2016 because practically it was not viable. - reversal of common input credit used for both taxable and non t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axable supplies - Query Started By: - rao rao Dated:- 30-6-2021 Goods and Services Tax - GST - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
