i am receiving commission on monthly/quarterly basis. under ST from the remitted amount of 100 - ST 15% deducted and on balance 85 ST was paid. question a) is the valuation of remittance of 100 will be on same basis. ( 100 minus 18% = 82), GST to be paid on 82 at 18% ? b) If any bill or printer or office equipment purchased with GST, that GST will be under input credit. c) if GST is paid on commission in July, Input credit available in August, that can be availed or d) if input credit paid during July, August, and if Commission is recvd during Sept, can we adjust input credit for july and aug from Sept. e) under which GSTR1 commission amount to be shown. rgds/ sudhir
IF SERVICE TAX PAID ON COMMISSION DURING JUNE 17, CREDIT INPUT CAN BE TAKEN UNDER GST
Hi Sudhir,
1. The valuation will be as follows:
GST = 100/118*18
2. YES, You can take input tax credit.
3. & 5 Didn't understand the question.
4. Yes, you can set off the ITC available in August with the tax liability of September.
Please feel free to call/ revert in case you need more clarity
Thanks and regards
Abhishek Dugar
CA CS B.Com
Yes service tax paid in June can be used as itc in gst for this you have to file TRAN1 and must have credit c/f in June service tax return
1 calculation of gst is 100/118*18 coz 100 includes 18%
2 yes credit is allowed for all inputs/services / capital goods which are used in the course or furtherance of business subject to negaolist of itc
3 calculation of gst liability is month on month basis , means July output tax can be adjusted with July input tax
If net balance is payable then you have to pay and if net balance is excess then you can carry forward the same
4 your answer in point 3
5 in gstr1 if you rendered service to Registered person then then fill in table 4
If unregistered in other state and value is more then 2.50 lakhs in single invoice the. Fill table 5, unregistered in same state or in other state value less then 2.5 lakhs then use table 7
Hope ur queries now resolved
a) Do a reverse calculation. Amount of GST shall be 100*(118/18).
b) Yes, ITC can be claimed.
c) d) ITC can be carried forward to later months if not utilised. Return filing is mandatory. For carrying forward ITC of ST, file TRAN 1.
e) It depends on who is the service receiver.
Hello,
a. Yes the manner of calculation will be the same.
b. Yes, you can claim ITC unless it falls under the exemption limit.
c. Yes, but make sure to claim & carry forward your input credit in july returns.
d. Yes, you can if returns are duly filed for July & August.
e. I did not understand your query. There is only 1 GSTR1.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP
Hello,
Yes, input credit can be claimed under GST but for that you will have to file form TRAN - 1.
