• GST matter

Hi - Good day. I have 2 Questions .

1>>

 Before getting LUT  I paid IGST on export of service in July-august-September. ( 3 months).  Now I have applied for refund. They told it would  take 2 months to get refund .It means next financial year.

Also I will apply refund  for accumulated ITC  ( reverse charge tax paid  on import of service  [ used  for export of service ] )  next month for which I will get  refund may be after 2-3 months.

My question is -  in Income tax  return and while preparing books of account ( for  FY 2017-18)  in which head I  need to put above 2 amounts.

Should I put  it  under EXPENSE ?
The money currently  is with  GST department and I will get those  after few months .

Please help.


2>>  

I have applied for LUT  OFFLINE and received in October 2017 . Now in GST portal  under USER SERVICE  I see online form for LUT is available now.
My question is  should I apply  AGAIN online for this current year and I need to upload  the offline LUT scan copy  in portal ?

or I should use online facility for applying LUT  in April 2018 for  next financial year 2018-2019.
Means do I need to do anything  in Online LUT filing portal this year.

Kindly help.

Thank you
Asked 6 years ago in GST

1) In Income tax you need to show the IGST and ITC/RCM under the following heads.

(i) IGST refund receivable under the head Current Assets.

(ii) RCM/ITC refund receivable under the head Current Assets.

Don't treat them expense.

2) No need to upload LUT copy on the portal for the C.Y.. Apply next F.Y. 18-19 LUT online.

Vivek Kumar Arora
CA, Delhi
4825 Answers
1030 Consultations

5.0 on 5.0

Hi,

Basis the recent development in place, even if you have the physical LUT in place, you are still required to obtain online LUT from the department for the same financial year.

Thanks

Damini

Damini Agarwal
CA, Bangalore
405 Answers
31 Consultations

5.0 on 5.0

Hi

1. These are not expenses. Show them as a current assets as GST/ITC Refund Receivables.

2. File it for FY 18-19 online. Nothing is to be done for FY 17-18. However, there is no default if it is filed for FY 17-18 as well; may just check on the GST response timings so that you don't have any delays for next FY.

Lakshita Bhandari
CA, Mumbai
5687 Answers
908 Consultations

5.0 on 5.0

Hi,

You don't need to book for amount receivable as an expense. The same is your asset and should be shown under the head Current Assets as GST Refund due.

As far as LUT is concerned, with the online facility, all LUTs are required to be done online only. It is compulsory for FY 18-19 and optional for already received approval for FY 17-18.

Regards,

Sunny Thakral
CA, Delhi
224 Answers
8 Consultations

5.0 on 5.0

1. GST Refund amount should be shown under the head Other Current Assets and not under Expense.

2. No need to apply LUT again for the same FY, only apply for 2018-19 whence the facility for the same has been made available online.

Brijendra Tripathi
CA, Lucknow
143 Answers
3 Consultations

5.0 on 5.0

Most welcome

Vivek Kumar Arora
CA, Delhi
4825 Answers
1030 Consultations

5.0 on 5.0

.

Sunny Thakral
CA, Delhi
224 Answers
8 Consultations

5.0 on 5.0

Hi

1. No, you can't show the refund amount in expense. You can show it under current assets.

2. LUT has to be renewed every year. So you can again apply for renewal of LUT for FY 2017-18 either online or offline.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.com

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

4.8 on 5.0

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