TaxTMI 
TaxTMI 
Excess GST Paid
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....xcess GST Paid<br> Query (Issue) Started By: - Kishan Barai Dated:- 18-7-2017 Last Reply Date:- 20-7-2017 Goods and Services Tax - GST<br>Got 6 Replies<br>GST<br>When a company pay Excess GST to government i.e at the time of purchase raw materials 18% GST & at the time of sale 5% GST recovered from Customer What are options available ?? Can excess GST paid could be use to pay IGST at the time o....
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....f Imports ?? Reply By KASTURI SETHI: The Reply: In construction service, overflow of ITC will lapse. Reply By Kishan Barai: The Reply: Thanks for replying What about other then construction services ?? Reply By KASTURI SETHI: The Reply: Actually in rates of GST for services against the construction service, the remarks,"No refund of overflow of ITC" have been given. When rate of i....
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....nput is higher and rate of output service is lower, ITC is to be accumulated so Govt. has given remarks. No such remarks against any other service has been found. Reply By KASTURI SETHI: The Reply: Sh.Kishan Barai Ji, Virtually there is no bar in utilization of ITC. In case assessee is unable to utilize due to any reason, unutilized accumulated ITC would lapse. For example ; Closure of busines....
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....s and other factors. Now in GST regime, ITC can be utilized in course or furtherance of business only. Hence in my view ITC cannot be used for even pre-deposit, and deposit of Govt. dues arising out of Order-in-Original, Order-in-Appeal, CESTAT's Order,Court's order etc. In pre-GST era, Cenvat credit was allowed for all such purposes.CESTAT used to accept pre-deposit through Cenvat accou....
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....nt. Now the words, "In course or furtherance of business" have different connotation for the purpose of ITC. The whole scenario stands changed with an intent to plug the leakage of revenue.This will curb the ITC earned through fake docs, if any. Reply By Kishan Barai: The Reply: Thank You Sir Ji Reply By MARIAPPAN GOVINDARAJAN: The Reply: If it is excess payment, it could not be adju....
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....sted against any sort of tax. It can be got refunded.<br> Discussion Forum - Knowledge Sharing ....