GST Input Write Off

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ST Input Write Off<br> Query (Issue) Started By: - Ethirajan Parthasarathy Dated:- 11-2-2019 Last Reply Date:- 12-2-2019 Goods and Services Tax - GST<br>Got 3 Replies<br>GST<br>Query A dealer has som....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e unutilized GST input tax in electronic credit ledger. From a particular date, the goods dealt by him becomes non taxable and hence writes off the balance of input tax in electronic ledger. Can this....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... write off be disallowed u/s 43B , since relevant input taxes were incurred in earlier years or can be disallowed as " Prior Period expenses". Reply By SANJAY JAIN: The Reply: Instead of writing off....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the input tax amount, you can add the same to cost of inventory and it will not be a prior period item. However you need to do the impairment test i.e. valuation of inventory at cost or Net realisati....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on value whichever is less. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: Whether the ineligible input tax credit can be reversed? Reply By Ganeshan Kalyani: The Reply: The input tax credit can b....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e reversed from the GST portal also.<br> Discussion Forum - Knowledge Sharing ....