untilised input credit under GST
Query (Issue) Started By: – N Balachandran Dated:- 21-7-2017 Last Reply Date:- 23-7-2017 Goods and Services Tax – GST
Got 5 Replies
GST
Sir,
\nCan u please clarify the following in respect of unutilised Credit :
\n1. we are manufacture of Wind Mills. Wind mill will attract GST @ 5% but when purchase the components, cables and panel etc the rate of GST @ 18% or @28% is applicable . if so, can we claim refund of Excess unutilised credit?
\n2. When we undertake construction work, We discharge the GST @ 18%. Now my question is, the project is executed under loss and the situation arises the Excess credit available at the end of the project. if so, can we claim refund the unadjusted Credit or the same c<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n available at the end of the project. if so, can we claim refund the unadjusted Credit or the same can be adjusted against out put tax payable on some other contract? = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" untilised input credit under GST Query (Issue) Started By: – N Balachandran Dated:- 21-7-2017 Last Reply Date:- 23-7-2017 Goods and Services Tax – GSTGot 5 RepliesGSTSir, Can u please clarify the following in respect of unutilised Credit : 1. we are manufacture of Wind Mills. Wind mill will attract GST @ 5% but when purchase … Continue reading “untilised input credit under GST”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-6307","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/6307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6307"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/6307\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nCredit ledger is summary of total cerdit available to you for the payment of output tax.so you can adjusted for the other contract. subject GSTN wise not one state to other state.
\nReply By Kishan Barai:
\nThe Reply:
\nIf you pay Excess GST on raw materials & receive less GST in sales then you can not get refund of excess GST paid, simply Excess GST paid would turn into your more Cost of production
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nRefund is allowed for inverted duty structure i.e. the tax paid on input is more than the the tax payable on output GST. Further to avail credi<\/p>\n
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