Yes, you can claim ITC for FY 2017-18 till March 2019 in the GSTR-3B return, and you can show the same in GSTR-9 too.
How do you show reverse charge on a Gstr 9c?
If tax is paid under reverse charge, the same needs to be reported as a separate line item under rows marked RC. Interest, late fees and penalties should also be reported. It is a sum total of A to O. Amount of tax paid as reported in GSTR-9 should be reported here.
How can I enter ITC reversal in tally?
You can reverse the tax credit, using a journal voucher.
- Go to Gateway of Tally > Accounting Vouchers > F7: Journal .
- Click J : Stat Adjustment .
- In the Stat Adjustment Details screen, select the options as shown below:
- Press Enter to save and return to the journal voucher.
What is ITC reversal?
Reversal of ITC means the credit of inputs utilised earlier would now be added to the output tax liability, effectively nullifying the credit claimed earlier. Depending upon when such reversal is done, payment of interest may also be required.
How do I reverse charge ITC?
ITC on reverse charge
Input tax credit can be claimed by the buyer as long as they use the goods and services they bought on reverse charge basis for business purposes only. Also, a supplier cannot claim ITC on the tax paid on goods/services that were used to make supplies that incur reverse charge.
Who is liable for GST audit?
GST Audit applies every year for those GST registered businesses (GSTIN) having turnover more than Rs. 2 crore, by the sale of goods or services in the financial year.
Who is responsible for Gstr 9 and 9C?
Hence, GSTR-9 is the annual return to be filed by every GST registered taxpayer irrespective of their turnover. Whereas GSTR-9C is the reconciliation statement to be submitted by those GST registered taxpayers to whom GST audit applies. GST Audit applies to those taxpayers whose turnover exceeds Rs. 2 crore.
How do you fill a Gstr 9 and 9C?
To start filing the GSTR 9C reconciliation audit report, perform given steps:
- First of all, login with username id & password on www.gst.gov.in.
- After that, the dashboard will open, click on the ‘Annual Return’ tab.
- Now click on the financial year for the desired period to file the return, click on the FY 2017-18.
What if Gstr 9 is wrongly filed?
The error made in GSTR 1 or GSTR 3B shall be rectified in respective forms only. No rectification can be made in GSTR 9 annual return. But the changes so made relating to the relevant financial year shall be duly reported in the annual return yet to be filed.
What if Gstr 9 is not filed?
Due Date, late fee and penalty
The late fees for not filing the GSTR 9 within the due date is Rs 100 per day, per act. That means late fees of Rs 100 under CGST and Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default.
What are ineligible ITC?
ITC is not for the supply of following goods or services or both: Food and beverages. Outdoor catering. Beauty treatment. Health services.
What is the interest rate for ITC reversal?
Similar provisions are contained in section 43 and are dealing with credit note. Hence the rate of interest for reversal of ITC is 24% p.a. only in case of reclaim of credit reversed earlier. In other cases interest will be paid @18% p.a. u/s 50 (1).
Is Gstr 9 HSN code mandatory?
GSTR 9 requires HSN which was not required while filing GSTR 3B: In the Annual Return Form GSTR- 9, HSN of inward supplies is needed although it was not needed while filing monthly GSTR 3B. The HSN summary is mandatory to be reported only for those HSN which accounts for the minimum 10% of the total inward supplies.
How do I reverse GST input?
23,600 (including GST of Rs. 3,600) This GST of Rs. 3,600 has to be reversed by A & B in the ratio of 1:2 A will reverse ITC of Rs. 1,200 (3600 * 1 / 3) B will reverse ITC of Rs.
What is the turnover limit for filing Gstr 9?
However, the option to file GST Annual Return shall be available and the taxpayers whose turnover is up to 2 crore rupees still can file the Annual Return in Form GSTR-9 on voluntary basis.
Is Gstr 10 mandatory?
GSTR 10 is required to be filed only by the persons whose registration under GST has been cancelled or surrendered. The regular persons registered under GST are not required to file this return. In other words, the following persons are not required to file GSTR-10: Input Service Distributors.
What is the penalty for late filing of Gstr 9 and 9C?
If a taxpayer fails to file both Annual Return and Form GSTR-9C, then he is liable to a fee of Rs. 200/- per day during which the default continues (Rs. 100 under CGST law + Rs. 100/- under State / Union Territory GST law) *Capped to a maximum amount of .
Is GST audit compulsory?
Businesses can now self-certify GST annual returns, instead of mandatory audit by CA. New Delhi: GST taxpayers with a turnover of over ₹5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said.
What is GST audit turnover limit?
Applicability- GST Audit will apply every year for those GST registered business (GSTIN) having turnover more than Rest 2 crores, by the sale of goods or services in the financial year.
Is GST audit is mandatory?
While Section 110 omits section 35(5) of CGST Act, 2017 means GST Audit (GSTR-9C) by CA/CMA is no longer required and Section 111 substitutes section 44 (Annual return) of CGST Act, 2017.
Is ITC available on RCM?
Input Tax Credit under RCM
The recipient can avail Input Tax Credit of GST amount that is paid under reverse charge on receipt of goods or services by him. … The ITC is availed by recipient cannot be used towards payment of output tax on goods or services, the payment of tax under reverse charge only on cash.
Is RCM suspended?
“Section 9 (4), which mandates that all registered persons shall pay the tax on reverse charge basis on purchases made from unregistered persons, is presently under suspension.
Can we claim ITC on RCM in same month?
Can we claim ITC on RCM in same month? Yes, you can claim the Input Tax Credit on RCM in the same month, when you paid the GST under RCM.