TaxTMI 
TaxTMI 
Input Tax Credit utilization - Reg
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....nput Tax Credit utilization - Reg<br> Query (Issue) Started By: - KIRAN KUMAR Dated:- 18-11-2017 Last Reply Date:- 22-11-2017 Goods and Services Tax - GST<br>Got 8 Replies<br>GST<br>Dear 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 Kalyani: The Reply: No, reverse charge liabi....
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....lity must be paid in cash. The tax paid under reverse charge can be utilised to pay tax on the outward supply. Reply By Rajagopalan Ranganathan: The Reply: Sir, Tax under reverse charge is to be paid in cash. ITC available in electronic credit ledger cannot be utilized for this purpose. Reply By CS SANJAY MALHOTRA: The Reply: Agree with all experts. Reply By KIRAN KUMAR: The Reply: Thanks ....
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....for your valuable replies Requesting you provide the Input tax credit eligible services list and non eligible services list under Revers charge Mechanism under GST Thanks & Regards, Kiran Kumar Reply By Ramaswamy S: The Reply: the tax under RCM is to be paid in cash and the credit can be availed in the same month at the time of filing the GSTR-3B. Also clarified by CBEC in its FAQ. Regards....
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.... S.Ramaswamy Reply By Ganeshan Kalyani: The Reply: Refer Section 16 to 21 of CGST for eligibility of input tax credit and restrictions on the credit. Reply By KIRAN KUMAR: The Reply: Dear Sir, Thanks for your valuable replies and kindly go through the following issue and requesting you give your valuable replies We purchased 3 Bolero's 3 years back under VAT, we have not taken any credi....
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....t because my final product exempted from tat Now we are selling the bolero's under GST, Requesting you to provide the GST Compliance Thanks & Regards, Kiran Kumar Reply By Rajagopalan Ranganathan: The Reply: Sir' As 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 ....
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....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 credit of central excise duty, Value Added Tax or any other taxes paid on such vehicles."<br> Discussion Forum - Knowledge Sharing ....