TMI BlogCalculation of tax liability and ITC admissibleX X X X Extracts X X X X X X X X Extracts X X X X ..... A is a registered person who is doing trading business of Iron and Steel. In the month July2022 his transactions are as below:- 1. He received intra-state inward supply of Iron and Steel of value Rs. 4,00,00,000 and paid (CGST+SGST) Rs. 72,00,000 at the rate of 9%+9% 2. He received inward supply of Iron and Steel of value Rs. 6,00,00,000 from out of State and paid IGST Rs 1,08,00,000 at the rat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 18% 3. He paid Rs 2,00,000 to goods transport service provider who has opted to pay tax on FCM basis and paid Rs 4,00,000 to other goods transport service provider who has not opted to pay tax on FCM basis. 4. He also received supply of a mini truck (Chhota Hathi) of value Rs 5,00,000 and paid (CGST+SGST) Rs 1,40,000 5. He had received a supply of Iron and Steel in the month of January-2022 f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom registered person B of value Rs 3,00,000 and tax involved (CGST+SGST) was Rs 84,000 for which tax invoice no B1097 dated 01-01-2022 was issued by B and return of January 22 were filed by both persons A and B properly but A has not made the payment of that transaction till July 22. 6. His outward supply in this month is 11,00,00,000 in the state and there is no any supply out of stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. 7. Please sir Calculate tax liability and ITC admissible to A supposing that total supply of input was received before 18-07-2022 - Reply By KASTURI SETHI - The Reply = Specialized Services of CA /CMA are required for this purpose.. - Reply By Shilpi Jain - The Reply = Pls ask questions which clarifies the principles of law to enable you do the computation. Lot of patience and concent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration required to resolve these kind of queries. - Reply By bommu venugopal reddy - The Reply = sir.. Total value of purchase - Rs. 10,14,00,000, ITC accumulated - Rs. 1,08,00,000 (IGST) + Rs. 36,80,000 of CGST and SGST each including RCM.. Gross sale value is Rs. 11,00,00,000/- gross liability - Rs. 1,98,00,000/- after adjusting accumulated ITC net cash deposit required is Rs. 16,40,000/- un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der SGST heading. Further to note that since the supplier outstanding is not cleared within 180 days of invoice on supply value of Rs.3,00,000, ITC reversal is required as per provisions which is Rs.54,000/- to be reversed along with interest of 18% (to be calculated for 6 months) which filing July returns. - Calculation of tax liability and ITC admissible - Query Started By: - ARUNKUMAR AGRAWA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... L Dated:- 10-10-2022 Goods and Services Tax - GST - Got 3 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
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