Input credit of gst paid on urd
Query (Issue) Started By: – Mayuri Shete Dated:- 19-9-2017 Last Reply Date:- 21-9-2017 Goods and Services Tax – GST
Got 13 Replies
GST
If we have paid Rs.3,25,000 against our URD liability for the month of July-2017. & again in the month of Aug-2017 we have fresh liability of ₹ 3,50,000\/-against URD transactions. so how much tax payment should be done through challan in this month? ₹ 25000\/-or ₹ 3,50,000\/-? please advise.
\nReply By Vamsi Krishna:
\nThe Reply:
\nRCM shall be paid in cash & can be utilised on payment of output liability.
\nSo in your case you need to dischrage 3,50,000 in cash ledger and can be utilised against output liability.
\nReply By Mayuri Shete:
\nThe Reply:
\nWh<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e tax along with interest. Similar is the case for the month of August 2017. The last date will be 20.9.2017. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n liability shown above has been adjusted. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Input credit of gst paid on urd Query (Issue) Started By: – Mayuri Shete Dated:- 19-9-2017 Last Reply Date:- 21-9-2017 Goods and Services Tax – GSTGot 13 RepliesGSTIf we have paid Rs.3,25,000 against our URD liability for the month of July-2017. & again in the month of Aug-2017 we have fresh liability of ₹ 3,50,000\/-against … Continue reading “Input credit of gst paid on urd”<\/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-7825","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7825","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=7825"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7825\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nWhatever amount you pay through bank challan it will be reflected in your Electronic Cash Ledger. You can use this for payment of tax on supplies made by you at any time. There is no time limit for utilising the amount deposited in Electronic Cash ledger.
\nReply By MARIAPPAN GOVINDARAJAN:
\nThe Reply:
\nI endorse the views of Shri Vamsi Krishna
\nReply By Mayuri Shete:
\nThe Reply:
\nWe have discharged our RCM liability for July-2017 on 20.8.17 itself, filed GSTR3-B for July-2017.
\nBut then the amount is not reflecting in our Electronic credit ledger.
\nwe paid the amount on 16.08.2017. it was reflecting in cash ledger on 20.08.2017.we fil<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nNow you will have an option in GSTR-2 for credit. Pls wait till dead line of GSTR-1.
\nOnce GSTR-2 window opens, the RCM liability that is paid shall be allowed and added to the input ledger.
\nReply By Mayuri Shete:
\nThe Reply:
\n@ Vamsi Krishna, checked liability ledger. RCM liability adjusted against cash.
\nwill wait till 10.10.17 for RCM payment done to be added in our credit ledger.
\nThanks to all the experts for this valuable information.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThere is a practise of paying reverse charge liability in cash and availing the credit in the same month. Since you had no liability in the month of July 2017 on sales, you paid GST in cash under reverse charge. You have l<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n