ITC claiming

ITC claiming

Hi there,

My name is Anurag Dixit. I purchased a new JCB Back Hoe Loader on 19th Feb 2018. I've given my GST no. in the bill.
Bill Amount - 21,02,843.61 + 1,89,255.92 (CGST 9%) +1,89,255.92 (SGST 9%) = 24,81,355.45 + 24,813.55 (TCS 1%) = 25,06,169.00

I pay the GST amount and all the following details showed ZERO.
IGST (₹) CGST(₹) SGST (₹) CESS (₹)
Electronic Liability Register (Return related) 0 0 0 0
Electronic Cash Ledger 0 0 0 0
Electronic Credit Ledger 0 0 0 0

GSTR2A of Feb Month is showed the B2B Invoices, with bill details :

Rate (%) Taxable Value (₹) Amount of Tax
Integrated Tax (₹) Central Tax (₹) State/UT Tax (₹) CESS (₹)
18% 21,02,843.61 0.00 1,89,255.92 1,89,255.92 0.00

Now, my concern is what to do to maintain this amount in Ledger Balance.
Google says claim ITC, but the confusion is what amount to claim, full or installment.

Asked 5 years ago in GST

Hii

If Your supply is fully taxable then you can claim Full ITC otherwise you have to claim Full ITC and then have to reverse installments as per ITC Reversal Calculations on Common Credit Rules.

Lalit Bansal

CA, Delhi

773 Answers

61 Consultations

5.0 on 5.0

Talk to Lalit Bansal

Since your supply is fully taxable you can claim full GST credit. In service tax it was there that you need to claim credit in installments but in GST you can claim full credit as far as I know.

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Thank you