Payment of GST against outward supplies of July'17
Query (Issue) Started By: – MohanLal tiwari Dated:- 16-8-2017 Last Reply Date:- 20-8-2017 Goods and Services Tax – GST
Got 7 Replies
GST
Dear Experts,
Your expert advise is requested regarding payment of GST against outward supplies of July'17 and utilizing credit of ITC against inward supplies of July and Cenvat credit for which required ER-1 has been filed.
Reply By RAMESH PRAJAPATI:
The Reply:
It has been informed by GST twitter of GOI that credit can be used for payment of tax. Please declare credit in GSTR-3B and utilize for payment. There is no opening and closing balance column in GSTR-3B so you have to show it as credit taken.
Reply By MohanLal tiwari:
The Reply
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credit in his electronic credit ledger the amount of CENVAT (or VAT credit) credit carried forward in the return of the last period before the appointed day, subject to the conditions stated therein. (Section 140(1) of the CGST/SGST Act. The conditions are that: –
(i) the said amount of credit is admissible as input tax credit under this Act;
(ii) the registered person has furnished all the returns required under the existing law (i.e. Central Excise and VAT) for the period of six months immediately preceding the appointed date;
(iii) the said amount of credit does not relate to goods sold under notifications no. ……and claiming refund of VAT paid thereon
Under SGST law there will be one more condition as given below:
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tral Excise Law and VAT law of the respective State.
As per rule 117 (1) of CGST Rules, 2017, to avail the credit you have to submit a duly signed declaration electronically on common portal in Form GST TRAN-1.
Reply By KASTURI SETHI:
The Reply:
I support the views of Sh.Ranganathan Sir and Sh. Himanshu Sha Ji.
I have observed that most of inward supply invoices have not been uploaded in common portal which was to start from 5.8.2017. TRANS-1 is required to be filled up by 31.8.2017. One of my clients has also faced such problem due to non-filing of TRANS-1 and non-uploading of inward supplies invoice by their supplier. Final return is GSTR 3. If all the inward supply invoices are uploaded and TRANS-1 is uploaded, the system will autom
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