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Notices reply for rule Sec 36(4) and 16(4)


Sundaraiah
(@sundaraiah)
Trusted Member
Joined: 3 years ago
Posts: 66
Topic starter  

Sir,

How to reply producure for notices sec36(4) and 16(4) as per cgst act.and explained sec 36(4) and 16(4).


Quote
CA Riya
(@riya)
Member Moderator
Joined: 3 years ago
Posts: 45
 

New rule 36(4) to CGST Rules, 2017 restricts the availability of Input Tax credit in respect of the invoices not shown by the suppliers in their GSTR-1. It applies from January 1,2020.

For example:-

Sl. No Particulars Before the notification After the notification (10% rule)
A Eligible ITC available in the books of accounts. 1,00,000 1,00,000
B Eligible ITC available in the GSTR-2A 60,000 60,000
C ITC that can be claimed as provisional credit. 40,000 6,000 (60,000*10%)
D Total ITC that can be claimed in the GSTR-3B 1,00,000 (60,000+40,000) 66,000 (60,000+6000)
E ITC not allowed in the GSTR-3B  Nil (1,00,000-1,00,000) 34,000 (1,00,000-78,000)

 

section 16 (4) of CGST Act, 2017 says, the last date for availing input tax credit relating to invoices issued during the financial year 2018-19 is the last date of filing of September 2019 GSTR-3B return i.e., 20/10/2019. Hence, you can avail input tax credit only by 20/10/2019. If you have filed the returns after 21.10.2019 which means you have availed input tax credit after 21.10.2019 and hence it is a violation of provisions of Section 16(4) of CGST Act, 2017.

 

In both the above cases, you are liable to reverse the excess ITC claimed with interest. 


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Sundaraiah
(@sundaraiah)
Trusted Member
Joined: 3 years ago
Posts: 66
Topic starter  

Thanks reply

One gst registered regular scheme dealer stock values mentioned .

Stock value as per accounting books.

Rs.10,00,000/-

Stock value as per calculation physical stock Rs.14,00,000/-

A trader Difference of stock value amount tax and penalty paid compulsory.if compulsory rate of tax and penalty applicable.


ReplyQuote
CA Riya
(@riya)
Member Moderator
Joined: 3 years ago
Posts: 45
 

In GST penalty is Upto Rs. 25000

It would also amount to concealment of income. Penalty will be under section 271(c) of Income Tax Act.

-Minimum:100% of tax sought to be evaded or

-Maximum: 300% of tax sought to be evaded

 


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Sundaraiah
(@sundaraiah)
Trusted Member
Joined: 3 years ago
Posts: 66
Topic starter  

Sir,

Gstp enrolled person any time of limit GST practitioner examaination passed compulsory.


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CA Riya
(@riya)
Member Moderator
Joined: 3 years ago
Posts: 45
 

In order to become GSTP, the person must score minimum 50% of the total marks.  The person is required to pass the exam within a period of 2 years of enrolment. There is no limit on the number of attempts taken by the candidate during the said period of 2 years.


ReplyQuote
Sundaraiah
(@sundaraiah)
Trusted Member
Joined: 3 years ago
Posts: 66
Topic starter  

Sir,

I enrolled GSTP  Graduate based December,2017 .GSTP exam no write.if my enrolled cancel .


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