Input Tax Credit utilization – Reg
Query (Issue) Started By: – KIRAN KUMAR Dated:- 18-11-2017 Last Reply Date:- 22-11-2017 Goods and Services Tax – GST
Got 8 Replies
GST
Dear Sir,
\nCan we adjust the Revers charge input tax credit of previous months for Revers charge payment to current month
\nThanks & Regards,
\nKiran Kumar
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nNo, reverse charge liability must be paid in cash. The tax paid under reverse charge can be utilised to pay tax on the outward supply.
\nReply By Rajagopalan Ranganathan:
\nThe Reply:
\nSir,
\nTax under reverse charge is to be paid in cash. ITC available in electronic credit ledger cannot be utilized for this purpose.
\nReply By CS SANJAY MALHOTRA:
\nThe Reply:
\nAgree with all e<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n our valuable replies = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Input Tax Credit utilization – Reg Query (Issue) Started By: – KIRAN KUMAR Dated:- 18-11-2017 Last Reply Date:- 22-11-2017 Goods and Services Tax – GSTGot 8 RepliesGSTDear Sir, Can we adjust the Revers charge input tax credit of previous months for Revers charge payment to current month Thanks & Regards, Kiran Kumar Reply By Ganeshan … Continue reading “Input Tax Credit utilization – Reg”<\/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-8930","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/8930","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=8930"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/8930\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nWe purchased 3 Bolero's 3 years back under VAT, we have not taken any credit because my final product exempted from tat Now we are selling the bolero's under GST, Requesting you to provide the GST Compliance
\nThanks & Regards,
\nKiran Kumar
\nReply By Rajagopalan Ranganathan:
\nThe Reply:
\nSir'
\nAs per Sl. No. 2 of Notification No. 37\/2017-Central Tax (Rate) dated 13.10.2017 motor vehicle falling under Chapter 87 when supplied by a registered person is chargeable to CGST at 65% of central tax applicable otherwise on such goods under Notification No. 1\/2017-Central Tax (Rate) dated, 28th June, 2017 provided "such supplier had purchased the Motor Vehicle prior to 1st July, 2017 and has not availed input tax <\/p>\n
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