good evening madam, regarding gstr 9, we claimed excess itc (igst) in gstr 3b for financial year 2017-18,not reversed till date, where we reverse igst in gstr 9, what is the treatment for the adderessing issue.
one of my claint have two businesses one have gst registration,another business not having gst registration, can i club total turnover in itr 4 for presumptive taxation.
for manufacturing unit what is the gst rate under composition scheme 2% or 1% clarify madam.
Hii,
1. you have to reverse additional credit and also have to pay interest on the same in GSTR-9
2. for both the business you can claim presumptive taxation, its better to disclose both separately. ( GST applicable pan basis thus kept in mind about gst also)
3. its 1% (0.5+0.5)
sir in which column i reverse excess claimed igst sir in gstr 9
You need to reverse the excess GST claimed and pay it along with interest using DRC 03.
If there are two separate business you need to show them separately as presumptive taxation limit is applicable business wise but if total turnover exceeds the limit you need to also get your accounts audited.
Composition rate for manufacturers is 1%.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Hi
For such reversal, make payment in DRC 03. No disclosure in GSTR 9. In case of GST Audit, disclosure shall be made in GSTR 9C.
The rate for composition shall be 1%.
Dear Sir,
Hope you are doing well !!
You need to reverse the excess ITC and pay the GST with interest through DRC 03.
For the purpose of presumptive taxation, first all it has to be seen whether the business is eligible for presumptive taxation or not.
If yes, enter 2 business codes and under 44AD, enter cumulative figures.
There is no requirement for any disclosure in GST 9.
Yes, you can take the benefit of presumptive taxation scheme u/s 44ad.
The purpose of annual return is to reconcile and rectify the mistakes. Yes you can reverse the excess ITC claimed in annual return and pay through DRC-03.
No, turnover of both the business can not be clubbed otherwise you will be liable to pay GST on other business bcz GST is PAN based.
Composition rate is 1%.
Hello,
You will have to reverse the excess credit and pay it through DRC-03 with interest.
Regards,
CA Hunny Badlani
Yes, you can use Sec. 44AD for two business codes.
Composition rate is 1% for manufacturers.