9911796707
TMI BlogReversal of credit under special circumstances [Section 18(4) & (5)]X X X X Extracts X X X X X X X X Extracts X X X X ..... re-availment thereof [ Rule 37A ] * ITC of additional duty of customs in respect of gold dore bar; [Rule 44A of CGST rules] Reversal of input tax credit in the case of non-payment of tax by the supplier and re-availment thereof [ Rule 37A ] * Where input tax credit has been availed by a registered person in the return in FORM GSTR-3B for a tax period in respect of such invoice or debit note, the details of which have been furnished by the supplier in the statement of outward supplies in FORM GSTR-1, "as amended in FORM GSTR-1A if any"(inserted vide NN. 12/2024 dated 10/07/2024) , or using the invoice furnishing facility, * but the return in FORM GSTR-3B for the tax period corresponding to the said statement of outward supp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nvoices on which credit had been availed by the registered taxable person on such inputs. * The reversal amount ,Inputs or capital goods, shall be determined separately for input tax credit of central tax, State tax, Union territory tax and integrated tax. * Where the tax invoices related to the inputs held in stock are not available, * the registered person shall estimate the amount , the prevailing market price of the goods on the effective date of the occurrence of any of the events specified in special circumstances above. * The details furnished shall be duly certified by a practicing chartered accountant or cost accountant. * The amount determined shall form part of the output tax liability of the registered person and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0-04-2020. its provides following information relating to balance of ITC lying as on 31-03-2020, 1) Inputs lying in stock as such valued at ₹ 2,50,000/-(inclusive of CGST 7 SGST @12%). 2) Inputs contained in finished goods where tax invoice is not available to such inputs(The market price of such inputs (inclusive of CGST & SGST @12%) on 31-03-2020 is ₹1,20,000). 3) input tax on capital goods purchased on 25-10-2019 is ₹75,000. 4) Balance in the electronic credit ledger is ₹ 1,30,000. Calculation of Reversal ITC on 31.03.2020 Particulars CGSST SGST i) Input laying in Stock 2,50,000 x 12/112 = Total GST of ₹16,785/- 13,392.50 13,392.50 ii) Inputs containing finished goods for which tax in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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