Input tax credit
SUMIT BADYAL (709 Points)
20 November 2019
can we take input tax credit on purchase of packing material used for packing of vegetables seeds which is exempt uder gst...
12 Replies
anmol vashisht
(53 Points)
Replied 20 November 2019
If your more than 80% turnover is tax free then u can't take input of any product..it should not be right to take input of packing material as according to me
SUMIT BADYAL
(709 Points)
Replied 20 November 2019
Same case apply on both services and manufacturer
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 20 November 2019
ITC not available if suplies are exempted.
SUMIT BADYAL
(709 Points)
Replied 20 November 2019
We grow own agriculture seeds and we sale it's related to manufacturing,so we can take input on purchase bill and services we use
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 20 November 2019
If outward supplies are exempted then no way for claim ITC...
Sivaramaraju G
(Learner)
(2398 Points)
Replied 21 November 2019
You can't claim ITC on inputs if same materials used for exempted output. Raja is correct.
SUMIT BADYAL
(709 Points)
Replied 21 November 2019
But agriculture exempt for agriculturists not for company llp
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 21 November 2019
ITC based on supplies not for Assessee ...
SUMIT BADYAL
(709 Points)
Replied 21 November 2019
We purchase stationery,packing material gst on bill so we can't show gst received in tally
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 21 November 2019
Yes... You are correct.
And reverse the ITC in GST return.
And reverse the ITC in GST return.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 21 November 2019
No need to interest...
Just reverse as it is...
Just reverse as it is...
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
