Get Gst101a

For example, if you are a manufacturer and you buy raw materials worth Rs. 10,000 and pay GST of Rs. 1,800 (18%), you can claim an input tax credit of Rs. 1,800.

There might be situations where you acquire zero-rated goods, but the principal purpose of the goods is not for making taxable supplies. To treat the goods as non-taxable, you can make a debit adjustment for the GST you would have been charged, if the goods were not zero-rated (nominal GST amount).

CGST Rule 36(4) is amended to remove 5% additional ITC over and above ITC appearing in GSTR-2B. From 1st January 2022, businesses can avail ITC only if it is reported by the supplier in GSTR-1/ IFF and it appears in their GSTR-2B. From 1st January 2022, ITC claims will be allowed only if it appears in GSTR-2B.

If you make and account for a supply and later write off all or part of the consideration as a bad debt, you may make a credit adjustment in the period you write it off. Include 3/23 of the amount you have written off in the credit adjustments box of your GST return.

If you make and account for a supply and later write off all or part of the consideration as a bad debt, you may make a credit adjustment in the period you write it off. Include 3/23 of the amount you have written off in the credit adjustments box of your GST return.

1. What is the prescribed amount to make a GST payment? The due date for GST is 20 days after the end of the month. The due date for those registered under the composition scheme will be 18 days following the end of the quarter.

In GST, purchase returns shall be shown in GSTR 1 return. There is one separate column in GST return where in the taxpayer can show the all the purchase return made during the given period. However, this is treated as “debit note” in GSTR 1 return. Therefore, one needs to show it under debit note column.