How can we reverse the Input tax credit in undernoted case:
If ITC availed on capital goods purchased in October 2018 which is used for supply of both taxable and exempted goods but in June 2019 ,it is used exclusively for supply of exempted goods?
3 Replies
Akshay Jain
(Tax Consultant)
(1024 Points)
Replied 06 September 2019
You have to reverse this ITC in 3B in table 4B.
A.MISHRA
(professional)
(91 Points)
Replied 06 September 2019
sir want to know manner of computation of tax to reversed
KOTAK NITIN
(72 Points)
Replied 06 September 2019
you have to find the ratio of taxable supply and exempt supply monthly basis than praposnatly reduce the ITC which is claimed on such machinery used in both supply
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