My client purchases gingelly oil seeds and avails input tax credit on it. The goods manufactured from it are gingelly oil and oil cake. Oil is taxed but oil csake is exempt. My doubt is whether input tax to be reversed? As oil cake is only a by-product ,should ITC be reversed or not?
1 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 04 June 2015
ITC to be reversed proportionately for exempt goods
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