GST Answer

Yes, the person is eligible to reduce the tax liability by issuing credit notes to his recipient for such returned goods subject to the condition that the recipient reduces the claim of ITC to that extent if ITC was availed by him. (Credit Note must bear reference of original invoice No.)

The supplier would be eligible to carry forward ITC on such stock from VAT return for June 17.

ITC is available for GST only from the buyer to the extent collected. Your ITC will be limited to collecting real GST ..

yes you can claim duty draw back and ITC and for claiming ITC visit our website www.gst4msme.com and download the guide book and read the procedure.

Ideally, ITC for the current month should be claimed in the current month return. If there is any excess ITC, it will be carried forward in the next month.

Under Table 4, Part A line 5 RCM, all other ITCs

Exempt supply includes Nil rated (taxable at 0%) and non-Taxable supplies and no ITC is available for such supplies.

Tax is payable on consideration received for the supply and ITC will be available accordingly.

No, a Composition Dealer is not allowed to avail input tax credit of GST paid to their supplier.and Any tax payable under Reverse Charge Mechanism will not be covered under the scheme. These taxes will be liable to be paid as a normal tax payer.