Distrubution of ISD credit
Query (Issue) Started By: – Jasbir Uppal Dated:- 12-11-2017 Last Reply Date:- 14-11-2017 Goods and Services Tax – GST
Got 6 Replies
GST
Dear Professionals,
Query No 1
The procedure for disturbution of input tax credit by ISD , the assessee is partnership firm having more than two GSTN in different states but on same PAN number.
Can the excess ITC be adjusted with the liability of tax payable in another state under section 20 of CGST Act,2017 ?
Query No 2
As per 23rd GST Council meeting in Guwahati most of items have been shifted from 28% to 18%
On the date of effecting notification the stock of material lying on effecting date the rate of tax paid @28% but post effect the rate will be 18% on out
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cond case, ITC eligibility is 28% which can be set off against 18% from Nov 15 (Effective date of Notification as recommended in 23rd GST Council meeting). This is a case of inverted Duty Structure and you can claim Refund of same as per GST Act.
Reply By MARIAPPAN GOVINDARAJAN:
The Reply:
I viewed the views of both experts. Sanjay Malhotraji you have not been in the forum for many a day. Please give your active participation.
Reply By KASTURI SETHI:
The Reply:
Sh.CS Sanjay Malhotra Ji,
Sir, Thanks for enrichment of my knowledge by way of addition and support.
Reply By Ramaswamy S:
The Reply:
In sync with the views of all the experts.
Regards
S.Ramaswamy
Reply By Ganeshan Kalyani:
The Reply:
Answer to query 1 is yes.
Answer to
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