Gst input credit on propionate

This query is : Resolved 

21 February 2019 if we are providing taxable services as well as exempt services, How to determine the credit attributable to exempt supplies.
please let me know the formula of proportionate ?

21 February 2019 Hi,
First Identify the Credit in the following Manner.
> Credit Attributable to Taxable Supplies.(Eligible to Avail Credit)
> Credit Attributable to Exempt Supplies (Not Eligible to Avail Credit)
> Remaining is Common Credit (Contains both Eligible & Non eligible Credit)

in this 3 rd case apply below formula to know Eligible Credit

ITC of Exempted Supplies = (Exempted Turnover/Total turnover)* Common Credit

The above formula will help to get ITC related to Exempted supplies.

> From the total Common credit above credit is reduced.

Then, the remaining available credit is Eligible to Avail.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries