Download - ANKIT AJAY SOMANI by ANKIT SOMANI on GST AN… · ANKIT AJAY SOMANI Bcom, FCA (1st Attempt, Ranker) CS (Ranker, Silver Medalist), DISA [email protected] +91-98297-45560

ANKIT AJAY SOMANIBcom, FCA (1st Attempt, Ranker)

CS (Ranker, Silver Medalist), DISA

[email protected]+91-98297-45560

mailto:[email protected]

Compiled by ANKIT SOMANI

Why Important?

It is Matching Return which is basically summarization of all

returns filed for 12 months.(Although auto-populated data

can be changed)

It will be used for the purpose of assessment by GST dept.

PROVISIONS related to ANNUAL RETURNSection 44 of the CGST/SGST Act

Rule 80 of the CGST Rules

Notification 39/2018(04/09/18)

Amended byNotification

74/2018(31/12/2018)

• Sec 35(5) - Every registered person whose turnover during afinancial year exceeds 2 crore shall get his accounts auditedby a CA or cost accountant & shall submit a copy of auditedaccounts, Reconciliation statement u/s 44(2) & such otherdocuments in such form & manner as prescribed.

• Sec 44(1) - Every registered person, other than an ISD, aperson paying tax u/s 51or 52, a casual taxable person &non-resident taxable person, shall furnish an annual return forevery FY electronically on or before 31st December followingthe end of such financial year.

• Sec 44(2) – Every registered person who is required to get hisaccounts audited as per section 35(5) shall furnish,electronically, the annual return along with copy of auditedannual accounts & reconciliation statement, reconciling thevalue of supplies declared in return furnished for FY with theaudited annual financial Stt & other prescribed particulars.

LEGAL PROVISIONS

Legal Provisions for Annual return (Rule 80)

(1) Every registered person (other than ISD, person paying tax under

section 51/52, a casual taxable person and a non-resident taxable person),

shall furnish an annual return as specified under section 44(1)

electronically in FORM GSTR-9.

Provided that a person paying tax under section 10 shall furnish the annual

return in FORM GSTR-9A.

(3) Every registered person whose aggregate turnover during a financial

year exceeds Rs. 2 crore shall get his accounts audited as specified under

section 35(5) & he shall furnish a copy of audited annual accounts & a

reconciliation statement, duly certified, in FORM GSTR-9C

electronically.

“Provided that every registered person whose aggregate turnover during

the FY 18-19 exceeds Rs. 5 crore shall get his accounts audited as

specified under section 35(5) & he shall furnish a copy of audited annual

accounts & a reconciliation statement, duly certified, in FORM GSTR-9C

for the FY 18-19, electronically through the common portal either directly

or through a Facilitation Centre notified by the Commissioner.”

Notification 16/2020CGST (3rd amendment)

Rules 2020Dated : 23/3/20

The Proviso is improper.

The word ONLY must be there in that.

AGGREGATE TURNOVER - Sec 2(6): It means the aggregate value of All taxable supplies (excluding the value of inward supplies on

which tax is payable by a person on reverse charge basis), Exempt supplies, Exports of goods or services or both and Inter-State supplies of persons having the same PAN, to be computed on

all India basis but excludes central tax, State tax, Union territory tax, integrated tax and

cess;

Meaning of EXEMPT SUPPLY - Sec 2(47): It means Supply of any goods/services which attracts nil rate of tax or Which may be wholly exempt from tax under section 11, or under

section 6 of the Integrated Goods and Services Tax Act, and Includes non-taxable supply

IMPORTANT DEFINITIONS


• The CG, on the recommendations of the Council,hereby notifies those registered persons whoseaggregate turnover in a financial year does notexceed Rs. 2 crore and who have not furnishedthe annual return under section 44 (1) read withrule 80 (1) before the due date, as the class ofregistered persons who shall, in respect offinancial years 2017-18 and 2018-19, follow thespecial procedure such that the said persons shallhave the option to furnish the annual return.

• Provided that the said return shall be deemed tobe furnished on the due date if it has not beenfurnished before the due date.


Whether GST Annual Return

is required to be filed ??Notification 47/2019 CT

• It may tantamount to SUPPRESSION (as coveredunder Explanation 2 of Sec 74)

• If jurisdictional tax officer applies this provisionthen huge problem

• Supply is suppressed• Outward liability is improper• ITC should have been reversed but ………


Deemed to be furnished

What if the assessee was NOT required to furnish Annual Return in 2017-18, but now his turnover exceeds 5 crores ?


Summary

Turnover GSTR 9 GSTR 9C

Upto 2 crores

Optional(Notification

47/2019, dated 9/10/19)

Not required as per Rule 80(3)

Between 2 to 5 crores

MandatoryNot required as per proviso of

Rule 80(3) read with Notification 16/2020, dated 23/3/20

Above 5 crores Mandatory Mandatory

Reconciliation: No reconciliation preserved at all

Mistakes in GSTR 9 & 9C filed (Returns were filed in customized manner)

No clarity on GST : ITC, RCM, Valuation, Other incomes

2A (Defaulter Supplier) : Follow up with vendor for ITC (which date ?)

What if Annual Return of 17-18 is NOT filed ?

ITC records are weak

RCM liability not discharged properly

Dept Audit has started (Pls write qualifications)

No Additional ITC can be claimed through GSTR 9

CHALLENGES for FY 2018-19


Documentation :

NOC of previous auditor

Appointment letter

Audit program

Audit checklist

Management Representation letter

Trial Balance (attested by client) in case of multi-state

Ideally : Form GSTR 9 must be filed from clients PC (IP address) Don’t make common invoice of 9 & 9C Recommended fees chart Recover previous fees before this audit (in case pending)

CHALLENGES for FY 2018-19


Annual

Return

Part 1

Part VI

Part V

Part IV

Part III

Part II

Brief about GSTR 9

19 tables


Notification 56/2019

Central Tax(dated 14th Nov)

Table No. CONTENT OF DETAILS Part

No.

4 Details of Outward supplies MADE, Advance Received & RCM paid on Inwards2

5 Details of Outward Supplies MADE on which tax is not payable

6 Details of ITC availed in the Returns

37 Details of ITC Reversed and ineligible ITC

8 Other ITC related information in 3B, GSTR-2A, Reconciliation

9 Details of Tax deposit in Cash and Adjusted from Credit Ledger 4

10 Old Transaction taken in current year which are added to supply and tax liability increased

5

11 Old Transaction taken in current year which are reduced from supply and tax liability decreased

12 Old ITC reversed in current year and Tax liability increased

13 Old ITC availed in current year and Tax Liability reduced

14 Differential tax Paid on account of Old Transaction shown in Current Year

15Details of Refund Claimed, Sanction, Refunded, Pending, Demand Created, Demand adjusted, Demand Deposited

616

Purchase from composition dealer, Good Sent on Job Work or Goods sent on approval basis but not received back in specified periods

17 HSN wise summary of Sales

18 HSN wise summary of Purchases

19 Late Fee Payable and Paid


Part-1 (Basic Details)

1 Financial Year

2 GSTIN

3A Legal Name PAN Based

3B Trade Name (If any) Only one


Table 4: (Details of Advances, Inward & Outward Supplies MADE during the FY on which tax is payable)

4 Nature of SuppliesTaxable Value

CGST SGST IGST CESS From Table

4A B2C GSTR-1 5, 7, 9, 10

4B B2B GSTR-1 4A, 4C

4C Exports Sales With IGST Payment GSTR-1 6A

4D SEZ Sales with IGST Payment GSTR-1 6B

4E Deemed Exports (N-48/2017 dt 01/10/2017) GSTR-1 6C

4F Advances if Bills not raised up to 31/03/2019 GSTR-1 11A

4G Inward Supplies on which RCM Paid GSTR-3B 3.1(d)

4H Sub Total (4A TO 4G)

4I (-) Credit Notes issued by Suppliers GSTR-1 9B

4J (+) Debit Notes Issued by Suppliers GSTR-1 9B

4K (+) Supplies Enhanced Though Amendments GSTR-1 9A, 9C

4L (-) Supplies Reduced Though Amendments GSTR-1 9A, 9C

4M Sub Total (4I TO 4L)

4NGrand Total of Taxable Supplies + RCM Inwards (4H + 4M)

For 17-18 & 18-19, there is option to fill Table 4B

to Table 4E net of Debit/credit notes & amendments in case

there is any difficulty in reporting

5 Nature of Supplies Taxable Value CGST SGST IGST CESS Form Table

5A Exports Sales with LUT GSTR-1 6A

5B SEZ Sales With LUT GSTR-1 6B

5CSupplies on which Tax paid by Recipient on RCM Basis (Transporter / Advocates / Sponsorship etc)

GSTR-1 4B

5D Exempted Sales (As per Schedule at 0% rate of Tax) GSTR-1 8

5E Nil Rated Sales (As notified separately but not in schedule) GSTR-1 8

5F Non GST Sales (Alcohal Liqours, Petroleum products, etc) GSTR-1 8

5G Sub-total (5A to 5F above)

5H (-) Credit Notes issued by Suppliers GSTR-1 9B

5I (+) Debit Notes Issued by Suppliers GSTR-1 9B

5J (+) Supplies Enhanced Though Amendments GSTR-1 9A, 9C

5K (-) Supplies Reduced Though Amendments GSTR-1 9A, 9C

5L Sub-Total (5H to 5K above)

5M Turnover on which tax is not to be paid (5G + 5L above)

5N

Total Sales including Taxable + Non Taxable + Advances - RCM Inward Supply (4N + 5M - 4G -4F above) +10-11 =AS PER BALANCE SHEET

Table 5:(Details of Outward Supplies made without Tax Liability)

For 17-18 & 18-19, there is option to either separately

report his supplies as exempted, nil

rated and Non-GST supply or

report consolidated information in the “exempted” row.

There is option to fill Table 5A to Table 5F net of Debit/credit notes &

amendments in case there is any difficulty in reporting

Part 3 Table 6 : (Details of ITC AVAILED during the financial year)6 Description Type CGST SGST IGST CESS Form Table

6A Total ITC Claimed in GSTR-3B <Auto> <Auto> <Auto> <Auto>

6B

Inward Supplies of Goods and Services as well as Services from SEZ (all claims in 3B and also reflected in 2A)

Input GSTR-3B 4(A)(5)

Capital Goods

Input Services

6CRCM paid & ITC Claimed on B2CInwards


Capital Goods

Input Services

6DRCM paid & ITC Claimed on B2B inwards


Capital Goods

Input Services

6E Import of Goods


Capital Goods

6F Import of Services Input Services GSTR-3B 4(A)(2)

6G ITC received from ISD GSTR-3B 4(A)(4)

6H Total ITC Claimed (Other than 6B above)

Option to report entire input tax credit under the

“inputs” row only instead of

breakup

Option to report entire RCM in

6D only

Continued……Table 6 : (Details of ITC AVAILED during the financial year)

6 Description Type CGST SGST IGST CESS Form Table

6ISub-total (6B to 6H above) because 6A is a Auto populated Figures

6J

Difference (I - A above) ( It should be Zero means 3B figures tally With the figures now we have filled up) or (If difference then it means certain input claims through Amendment in next year for which reconciliation is on the later part)

6K TRAN-1 Claimed

Electronic Credit Ledger

6L TRAN-2 Claimed

6M Any Other ITC availed but not specified ITC-01/02 ITC-01/02

6NSub-total (K to M above) (Only Transitional Claim + Other ITC)

6OTotal of ITC availed (I+N) (Books Claim + Transitional Claim)

If figure is appearing, then

REMOVE the figure

Table 7 : Details of ITC Reversed & Ineligible ITC for the FY

7 Details of ITC Reversed CGST SGST IGST CESS Form Table

7AAs per Rule 37 (ITC reversal for non payment of

consideration within 180 days)GSTR-3B 4B

7BAs per Rule 39 (ITC distribution by ISD and its reversal)

GSTR-3B 4B

7CAs per Rule 42 (ITC attributable to exempt supply)

GSTR-3B 4B

7DAs per Rule 43 (ITC reversal on capital goods used for manufacturing exempt supplies)

GSTR-3B 4B

7E

As per section 17(5) block credit like vehicle,Food & Beverage, Outdoor Catering, BeautyTreatment, Health services, Club membership,rent a cab, health insurance, free sample gift,lost destroyed, etc.

GSTR-3B 4B

7F Reversal of TRAN-I credit GSTR-3B 4B

7G Reversal of TRAN-II credit GSTR-3B 4B

7H Other reversals (pl. specify) ITC-01/02/03 ITC-01/02/03

7I Total ITC Reversed (7A to 7H above)

7J Net ITC Available for Utilization (6O - 7I)

Option to fill information on

reversals in Table 7H only

instead of breakup.

But, reversals on account of

TRAN-1/2 credit (Table 7F & 7G) must be

reported

8 OTHER ITC RELATED INFORMATIONS CGST SGST IGST CESS Form Table

8A ITC AS PER GSTR-2A <Auto> <Auto> <Auto> <Auto>

8B ITC AS PER GSTR-3B <Auto> <Auto> <Auto> <Auto>

8CITC ON INWARD SUPPLIES BUT CLAIMED IN GSTR-3B FROM April to Sep-2018

Table 13 & 12

Table 13 & 12

8D

Difference [A-(B+C)] (Preferable should be zero or if Positive means Unclaimed due to our mistake or not related to us or ineligible or related to Exempt Supply)(if negative then supplier did not file return or otherwise)

8EITC Available but not availed (Out of D above) (Due to no proper working) (Not related to us)

8F ITC available but ineligible or related to Exempt

8G IGST paid on Import of Goods or Services (Icegate)

8HIGST Credit availed on Import of Goods(As 6E and 6F above) (As per Books)

8IDifference (8G-8H) (Actual Payment Vs. Books of Accounts) (Why not accounted for)

8JITC Available but not availed on import of Goods (Equal to 8I) (Why not accounted for)

8KTotal ITC to be lapsed in current financial year (E+F+J) (Due to non proper working + not related to us + Ineligible credit due to exempt supply + Non proper accounting on Import Bills)

<Auto> <Auto> <Auto> <Auto>

Table 8 : OTHER ITC RELATED INFORMATIONS

For FY 2018-19, It may be noted that the FORM GSTR-2A generated as on

the 1st November, 2019 shall be auto-populated in this table.

For FY 2017-18 & 2018-19, the registered person shall have an optionto upload the details for the entries in

Table 8A to 8D duly signed, in PDF format in FORM GSTR-9C(without CA certification)

Part 4 Table 9 : (Details of Tax Paid as declared in returns filed during the financial year)

9 Description Tax PayablePaid

Through Cash

Paid Through ITC

CGST SGST IGST CESS

IGST

CGST

SGST

Cess

Interest

Late Fee

Penalty

Other


Part-5 : (Transactions relating to 18-19 BUT ADJUSTED in the Returns pertains to April-2019 to September-2019)

DescriptionTaxable

ValueCGST SGST IGST CESS Form Table

10Supplies / tax declared through Amendments (+) (net of debit

notes)

GSTR-1 9A, 9B, 9C

11Supplies / tax reduced through Amendments (-) (net of credit

notes)

GSTR-1 9A, 9B, 9C

12Reversal of ITC availed during

previous financial yearGSTR-3B 4B

13ITC availed for the previous

financial year GSTR-3B 4A

Important points for Table 12

For FY 2018-19, Aggregate value of reversal of ITC whichwas availed in the previous financial year but reversed inreturns filed for the months of April 2019 to September2019 shall be declared here.

Table 4(B) of FORM GSTR-3B may be used for filling upthese details.

For FY 2017-18 and 2018-19, the registered person shallhave an option to not fill this table.


Important points for Table 13

For FY 2018-19, Details of ITC for goods or services received inthe previous financial year but ITC for the same was availed inreturns filed for the months of April 2019 to September 2019shall be declared here.

Table 4(A) of FORM GSTR-3B may be used for filling up thesedetails.

However, any ITC which was reversed in the FY 2018-19 as persecond proviso to subsection (2) of section 16 but wasreclaimed in FY 2019-20, the details of such ITC reclaimed shallbe furnished in the annual return for FY 2019-20.

For FY 2017-18 and 2018-19, the registered person shall havean option to not fill this table.


Part-5 : (Transactions relating to 18-19 BUT ADJUSTED in the Returns pertains to April-2019 to September-2019)

14 Differential tax paid on account of declaration in 10 & 11 above

Description Payable Paid

IGST

CGST

SGST

CESS

INTEREST

DRC 03


Part-6 (Other Information)

15 Particulars of Demands and Refunds

Details CGST SGST IGST CESS PENALTY LATE FEE

15A Total Refund Claimed

15B Total Refund Sanctioned

15C Total Refund Rejected

15D Total Refund Pending

15E Total Demand of Taxes

15F Total Tax Paid in respect of 15E

15GTotal Demand pending out of 15E

above

Not required

now


Details Taxable Value CGST SGST IGST CESS

16A Purchases from Composition Dealers

16BGoods sent on Job Work but not returned in specified period 365 days

16CGoods sent on Approval Basis but not returned in specified period 180 days

Table 16 : Information on supply received from Composition dealer, Job work transaction and goods sent on approval but

received after specified period

Not required

now


17 HSN wise summary of SalesHSN Code

UQC Total Quantity Taxable Value Rate of Tax CGST SGST IGST CESS GSTR-1 Table-12

18 HSN wise summary of PurchasesHSN Code

UQC Total Quantity Taxable Value Rate of Tax CGST SGST IGST CESS

19 Late fee payable and paidDescription Payable Paid

19A CGST

19B SGST

HSN wise summary of Sales & Purchases and Late Fee

Table 17 & 18 Not required now

Table 5 : For FY 2017-18 and 2018-19, theregistered person shall have an option tonot fill this table. If there are anyadjustments required to be reported thenthe same may be reported in Table 5O

Table 12 : Its optional to fill figures in table12B & 12C


Table 14 : BIG RELIEF : Its optional to fillexpenses wise ITC reconciliation.

In part B: Certification : words are replacedto TRUE AND FAIR

Cash Flow statements ……Compiled by ANKIT SOMANI

Should we give breakup although its optional ?

IMPORTANT ADJUSTMENTS FOR 2018-19


• INSTRUCTION 4 of GSTR 9 :Part II consists of the details of all outward supplies &advances received during the FY for which the annual returnis filed. It may be noted that all the supplies for whichpayment has been made through FORM GSTR-3B betweenJuly 2017 to March 2018 shall be declared in this part.It may be noted that additional liability for the FY 2017-18not declared in FORM GSTR-1 and FORM GSTR-3B may bedeclared in this return. However, taxpayers cannot claim ITCunclaimed during FY 2017-18 through this return.

• FORM GSTR-1 may be used for filling up the details.

APPROACH FOR OUTWARD SUPPLY


There are 2 options for outward :• Use ACTUAL figures for filling GSTR 9• Use data of 3B to fill GSTR 9

Is there any choice in INWARDsupplies ?

TABLE HEADINGS Table 4/5 :

Details of advances, inward and outward supplies MADEduring the financial year on which tax is payable/not payable

Table 6 :

Details of ITC availed during the financial year

Compiled by ANKIT SOMANI Mob no : +91-98297-45560

ITC availment is to be considered through GSTR3B

Taxpayers cannot claim unclaimed ITC during FY 2017-18 through GSTR 9

This must be equal to the tax liability.

Variation can arise on a/c of 3 reasons – If liability is paid through DRC 03 (which is NOT populating

in GSTR-9)

ITC reversed by Assessee (which has to be paid throughincrease in outward liability)

Additional tax is paid by mistake (hence Refund)


OUTWARD SUPPLYSuppose if in FY 17-18, there was short paid of tax

in 3B of Rs. 10,000Two Possibilities in FY 17-18 :

Client paid through DRC-03

Shown in Table 10 of GSTR 9 of FY 2017-18 :

Part V : Particulars of the transactions for the (FY 2017-18declared in returns between April 2018 till March 2019)

Supplies/tax declared through Amendments (+) (net ofdebit notes)


Then no problem at all bcoz the Liability is settled in same FY

Option 1 : In FY 18-19 (Books/GSTR1 approach is followed)Option 2 : Even in FY 18-19 (3B approach is followed)

What if GSTR-1 is NOT same as books ?

In FY 17-18 : there was short tax in 3B of Rs. 10,000Shown in Table 10 in FY 17-18

Books Approach 3B Approach

Show Rs. 1,00,000 in table 4& hence Table 9 (payable) isalso Rs. 1,00,000

Table 9 Tax paid is only88,000 (out of which 10,000is of 17-18)

Pay shortfall Rs. 12000 .Rs. 22,000 through DRC

9C will tally (BUT write anote to clarify)

Show Rs. 78,000 in table 4 &hence Table 9 (payable) isalso Rs. 78,000

Show Rs. 22,000 in Table 10

9C will be automaticallytallied

Actual Output Tax of FY 18-19 is 1 lac whereas shown in 3B as 88,000(hence for 18-19 only 78,000) (therefore SHORTFALL Rs. 22,000)


In FY 17-18 : there was short tax in 3B of Rs. 10,000Shown in Table 10 in FY 17-18



Table 9 Tax paid is 1,00,000(out of which 10,000 is of17-18) (hence excess paidRs. 2,000)

Either c/f excess in table 11OR Claim refund


Show Rs. 2,000 in Table 11& 9C will be automaticallytallied

Actual Output Tax of FY 18-19 is 88,000 whereas shown in 3B as 1 lac(hence for 18-19 shown as Rs. 90,000) (therefore EXCESS Rs. 2000)


In FY 17-18 : there was Excess tax in 3B of Rs. 10,000Shown in Table 11 in FY 17-18



Table 9 Tax paid is only88,000 (& 10,000 is paidextra in 17-18)

Pay Rs. 2,000 through DRC

9C will automatically tally


Show Rs. 2,000 in table 10

9C will be automaticallytallied

Actual Output Tax of FY 18-19 is 1 lac whereas shown in 3B as 88,000(hence for 18-19 is Rs. 98,000) (therefore SHORTFALL Rs. 2000)


In FY 17-18 : there was Excess tax in 3B of Rs. 10,000Shown in Table 11 in FY 17-18



Table 9 Tax paid is 93,000 (&10,000 is paid extra in 17-18)(hence excess paid Rs.3,000)

Either c/f excess in table 11OR Claim refund


Show Rs. 3,000 in Table 11& 9C will be automaticallytallied

Actual Output Tax of FY 18-19 is 1 lac whereas shown in 3B as 93,000(hence for 18-19 is Rs. 1,03,000) (therefore EXCESS Rs. 3000)


TABLE HEADINGS FOR ITC Table 6

Details of ITC availed during the financial year

Table 8C For FY 2018-19, Aggregate value of input tax credit availed on all

inward supplies (except those on which tax is payable onreverse charge basis but includes supply of services receivedfrom SEZs) received during April 2018 to March 2019 but crediton which was availed between April 2019 to September 2019shall be declared here.

Table 12

Reversal of ITC availed during previous financial year

Table 13 ITC availed for the previous financial year


In FY 17-18 : ITC as per books was Rs. 100 whereas availed in 3B Rs. 80 Shown Rs. 20 in Table 8C & 13 in FY 17-18

In 2018-19, ITC as per books was 200 whereas availed in 3B as 193 (6A/B)

Treatment in 9C (Table 12 : Reco of net ITC) (FY 2018-19)

Table Particulars Amount

12A ITC availed as per audited Books 200

12B ITC booked in earlier Financial Years claimed in current Financial Year 20

12C ITC booked in current Financial Year to be claimed in subsequent Financial Years (27 )

12D ITC availed as per audited financial statements or books of account (A+B-C) 193

12E ITC claimed in Annual Return (GSTR9) (from table 7J of GSTR9) 193

12F Unreconcilied ITC 0


Hence, ITC availed for FY 18-19 is Rs. 173 (193-20)

In FY 18-19: Table 8C & 13 as Rs. 27 (200-173)

In FY 17-18 : ITC as per books was Rs. 100 whereas availed in 3B Rs. 80 Shown Rs. 20 in Table 8C & 13 in FY 17-18





12B ITC booked in earlier Financial Years claimed in current Financial Year 20

12C ITC booked in current Financial Year to be claimed in subsequent Financial Years - (3)





Hence, ITC availed for FY 18-19 is Rs. 203 (223-20)

In FY 18-19: Table 12 as Rs. 3 (200-203)

In FY 17-18 : ITC as per books was Rs. 100 whereas availed in 3B Rs. 120 Shown Rs. 20 in Table 12 in FY 17-18





12B ITC booked in earlier Financial Years claimed in current Financial Year - 20

12C ITC booked in current Financial Year to be claimed in subsequent Financial Years - (13)





Hence, ITC availed for FY 18-19 is Rs. 213 (193+20)

In FY 18-19: Table 12 as Rs. 13 (200-213)

In FY 17-18 : ITC as per books was Rs. 100 whereas availed in 3B Rs. 120 Shown Rs. 20 in Table 12 in FY 17-18





12B ITC booked in earlier Financial Years claimed in current Financial Year - 20

12C ITC booked in current Financial Year to be claimed in subsequent Financial Years (5)





Hence, ITC availed for FY 18-19 is Rs. 195 (175+20)

In FY 18-19: Table 8C & 13 as Rs. 5 (200-195)

RCM Whether we can claim RCM of 17-18 which was never

ever paid……never claimed also ?

What if we are NOT in a position to adjust the same evenin next year 2018-19 ?

Can we now claim the ITC of RCM which was NOT availedbefore ?

What about other ITC ?


Session

ANKIT AJAY [email protected]

+91-98297-45560

mailto:[email protected]

Download - ANKIT AJAY SOMANI by ANKIT SOMANI on GST AN… · ANKIT AJAY SOMANI Bcom, FCA (1st Attempt, Ranker) CS (Ranker, Silver Medalist), DISA [email protected] +91-98297-45560

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