29 November 2019
Sir In case of Export sales of goods and domestic sales of goods made by dealer. Whether Rule 42 is applicable for reversal of ITC . say Export Sales :1 cr Domestic Sales: 2 Cr Total ITC = 30 lac (Purchase of Goods) Reversal of ITC (rule 42)=30*1/3= 10 Lac. Please provide your opinion.(regarding above) Thanks in advance.
29 November 2019
Reversal need not to be made in case of export sale As per Rule 42 of CGST Act - ITC to be used exclusively for making supply other than exempted (but incl. Zero rated)
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