Export FOC sales
Mukesh babu (No) (105 Points)
05 October 2020
whether export FOC sales needs to be considered for ITC reversal?
1 Replies
CA Akshay Hiregange
(Partner - Audit & Assistance)
(4515 Points)
Replied 05 October 2020
Where FOC exports are to unrelated party then it would not be a supply under GST, although is an export of goods as the goods move outside India.
Where FOC exports is to related party it would be covered under Sch 1 Clause 2 therefore, covering under section 16 IGST Act - zero rated supply.
Where the export is in relation to samples - then ITC can disputed although samples under Section 17(5)(h) can be read to be purchased goods - inputs and not finished goods.
Therefore, ITC reversal can be said as not required. Where value is high suggest you to obtain a legal opinion.
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