we have trading business both taxable & exempt.
We have given advertisement of our
exempted product in magazine.
Advertisement party raised his invoice including gst amount.
But we not taken input GST credit in our books of account due to exempt product.
Is this method ok or taking input
and reversal in GSTR-3B return as per rule 42/43 in table 4 is correct.
All ITC which is populated in gstra 2B
is necessary for taking consideration
in for return 3b
In short is it mandatory for taking each input in books of account.
ITC related to exempted products exclusively was not allowed and same is not to be claimed.
Each and every input is not allowed under GST.
CAclubindia
