Input Tax Credit - Reg

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..... 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 15 .....

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..... 0080.9 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 - Reply By Himansu Sekhar - The Reply = First identify the credit which are only relating to taxable supply and take fu .....

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..... ll 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. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = What is your inward supplies. You can take credit only on the tax paid by your for your inward supply of good .....

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..... s or services or both. You only show the output service provided by you and output sales and not inward supplies. - Reply By Ramaswamy S - The Reply = 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. - Reply By Chhatra Jain - The Reply = I agr with G .....

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..... ovindarajanji. Th se data reflets your output tax. In order to know your ITC you provide your purchase data. Only then your balance tax can be calculated. - Reply By Himansu Sekhar - The Reply = The output csupplies can determine the ratio of the turnovers. - Input Tax Credit - Reg - Query Started By: - KIRAN KUMAR Dated:- 23-9-2017 Goods and Services Tax - GST - Got 5 Replies - GST - Discu .....

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..... ssion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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