Solved Queries
Q. 121 Is Gst on Rent under Rcm need to be paid if 2022-23 Rent paid in April 2022 itself pls guide ?
Ans. In the above case, the provisions under section 14 of the CGST Act to be applicable, accordingly different case scenarios need to be evaluated.
Q. 120 One of gst registered regular scheme itc claim notice received from gst department previous years 18-19 year short fall itc claim with gstr3b vs gstr2ars:2 lacs 19-20 year excess itc claim Rs:3 lacs 20-21 year excess itc claim rs:1.50 lacs 21-22year itc excess claim rs:1 lacs notice mentioned.if dealer itc claim orginal invoice based input show in gstr3b return filed every month.excesd itc claim reason some selling registered dealer invoice not uploaded in gstr1. Question: Dealer notice mentioned amount tax pay compulsory ?
Ans. In the above case,
| FY 18-19 | ITC can be taken on the basis of conditions specified in section 16 and rule 36 of the CGST Act |
| FY 19-20 | w.e.f 9th -0ct-2019- 20% limit applicable,
(in terms of invoices not shown in GSTR-2A, ITC to be availed but not exceeding 20% of the eligible credit in respect of invoices furnished in GSTR-1)
w.e.f 1.1. 2020- 10% limit substituted |
| FY 20-21 | w.e.f 1.1.2021- 5% limit substituted |
| FY 21-22 | w.e.f 1.1.2022, eligible ITC must be as per GSTR-2B |
Please prepare a year wise reconciliation on the basis of above information and invoices not uploaded in GSTR-1 to be ascertained in the next period returns. Moreover, excess ITC has to be reversed along with interest payment.
Q. 119 One of my client dealing in business of Manufacturing of Bakery Items is selling his Used Commercial Vehicle (used for transporting own goods) after 1 year for Rs. 5 Lakhs. How to raise an invoice for this purpose?
Should he issue GST invoice with 28% GST Tax or an invoice with no GST Tax deducted? Also whether purchaser of used commercial vehicle can claim ITC on such invoice if GST Tax is deducted ?
Ans.Yes, in terms of commercial vehicle, registered person may have taken cenvat therefore, GST at the rate of 28% to be applicable.
Yes, ITC can be claimed on commercial vehicles like trucks purchased by a company for transportation of its finished goods.
