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Block credit - Goods or Services or both on which tax has been paid under Composition Scheme [section 17(5)(e)] - GST Ready Reckoner - GSTExtract ..... capital goods for business. In this case, M/s Gupta store cannot availed ITC on tax pay on capital goods, GST portion become part of capital goods, can claim a deprecation on GST part. Example 2:- M/s Palki fabric trader is registered under composition scheme, it purchase a raw material from a other than composition dealer and pay GST. sale the raw material to customer In this case, ITC on purchase of raw material become a part of cost for M/s Palki fabric trader and cannot charge the o ..... x x x x x Extracts x x x x x Block credit - Goods or Services or both on which tax has been paid under Composition Scheme section 17(5)(e) - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... credit on inputs held in stock and inputs contained in semi-finished or finished goods held in stock and capital goods (reduced by such percentage points as has been prescribed by the ITC Rules) as on 30th July, 2017. The Input Tax Credit on capital goods shall be claimed after reducing the tax paid on such capital goods by five percentage points per quarter of a year or part thereof from the date of invoice or such other documents on which the capital goods were received by him. This is subjec ..... x x x x x Extracts x x x x x Block credit - Goods or Services or both on which tax has been paid under Composition Scheme section 17(5)(e) - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... ays. The useful remaining life in months will be 5 months ignoring the part of the month. If ITC on such capital goods is taken as C, ITC attributable to the remaining useful life will be C multiplied by 5/60. This would be the amount payable on capital goods. The ITC amount shall be determined separately for integrated tax, central tax and state tax. The payment can be made by debiting electronic credit ledger, if there is sufficient balance in the said ledger, or by debiting electronic cash le ..... x x x x x Extracts x x x x x Block credit - Goods or Services or both on which tax has been paid under Composition Scheme section 17(5)(e) - GST Ready Reckoner - GST x x x x x Extracts x x x x x
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