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Input Tax Credit - Reg, Goods and Services Tax - GST

Issue Id: - 112865
Dated: 23-9-2017
By:- KIRAN KUMAR
Input Tax Credit - Reg

  • Contents

Dear Sir,

Our company deal with Taxable and Exempted Supplies and taxable Service. Please go through the below table.

Kindly provide the Input tax credit rules with following table examples

Particulars Turnover CGST SGST IGST
Out Put Service( Leasing of Plant) 2060000 185400 185400
Out Put Sales 2754274.024 150080.9 150080.9
Out Put Sales 348000 0 0 62640
Taxable Servic & Sales 5162274.024 335480.9 335480.9 62640
Exempted Sales 283518356.9
Total Turnover 288680630.9

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Posts / Replies

Showing Replies 1 to 5 of 5 Records

1 Dated: 24-9-2017
By:- Himansu Sekhar

First identify the credit which are only relating to taxable supply and take full credit

Second identify the credit exclusively relating to exempted supply, do not take such credit

Third now identify the common credit . take the proportionate credit basing upon the value of the taxable supply and exempted supply.


2 Dated: 25-9-2017
By:- MARIAPPAN GOVINDARAJAN

What is your inward supplies. You can take credit only on the tax paid by your for your inward supply of goods or services or both. You only show the output service provided by you and output sales and not inward supplies.


3 Dated: 25-9-2017
By:- Ramaswamy S

From the table it appears almost 98% is exempted supplies ITC can be allowed only to the extent of 2%.

Would suggest to check the nature of supplies. Under GST, the ratio appears not normal.


4 Dated: 25-9-2017
By:- Chhatra Jain

I agréé with Govindarajanji. Thèse data reflets your output tax. In order to know your ITC you provide your purchase data. Only then your balance tax can be calculated.


5 Dated: 29-9-2017
By:- Himansu Sekhar

The output csupplies can determine the ratio of the turnovers.


1

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