Input Tax credit available?????
Sujit Saha (243 Points)
26 May 20221. What about the ITC. Is it available?
Sujit Saha (243 Points)
26 May 2022
sabyasachi mukherjee
(27574 Points)
Replied 26 May 2022
Sujit Saha
(243 Points)
Replied 26 May 2022
Sanjay K rathi
(Practicing Indirect Tax and Allied laws )
(32 Points)
Replied 26 May 2022
(a) credit of input tax charged on goods or services used exclusively in supplying such goods has not been taken; and
(b) credit of input tax charged on goods or services used partly for supplying such goods and partly for effecting other supplies eligible for input tax credits, is reversed as if supply of such goods is an exempt supply and attracts provisions of sub-section (2) of section 17 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and the rules made thereunder.
Friend these are condition attached with Notification No. 02/ 2022 dated 31.03.2022, wherein condition (a) categorically clarify the credit will not be available. Further clause (b) also put condition that wrt common input the same will be considered as exempt supply. Hope the same clarify your query
Sujit Saha
(243 Points)
Replied 26 May 2022
Imthias ahamed Kormath
(910 Points)
Replied 27 May 2022
Sujit Saha
(243 Points)
Replied 27 May 2022
Sanjay K rathi
(Practicing Indirect Tax and Allied laws )
(32 Points)
Replied 27 May 2022
Wrt 17 (2) , you have to reverse the common credit in terms of section 17 (2) read with rule 42 and R 43. In respect to Input directly relatable to renting business you can claim credit . Please go through Rule 42 in detail for procedure prescribed. Thanks
sabyasachi mukherjee
(27574 Points)
Replied 28 May 2022
Imthias ahamed Kormath
(910 Points)
Replied 28 May 2022