Taxable person doing business in both taxable supplies and exempt supplies.
whether he has to restrict ITC while filing 3B returns ?
4 Replies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 03 November 2019
Yes .... ITC attributable to outward Exempted supply will not be available ,need to reverse the same (Refer Section 17(2) CGST ,Act)
Hardik
(Professional)
(918 Points)
Replied 03 November 2019
Inouts/Input services/Capital Goods used exclusively for making exempt supplies ---- ITC Not at all available
Inouts/Input services/Capital Goods used exclusively for making taxable supplies ---- ITC available
Inouts/Input services/Capital Goods used for both making exempt as well as taxable supplies ---- ITC available but subject to apportionment as per Rule 42/43 (combined credit to the extent of exempt part is not available..)
Inouts/Input services/Capital Goods used exclusively for making taxable supplies ---- ITC available
Inouts/Input services/Capital Goods used for both making exempt as well as taxable supplies ---- ITC available but subject to apportionment as per Rule 42/43 (combined credit to the extent of exempt part is not available..)
subhagan sreerangam
(7054 Points)
Replied 03 November 2019
As per CGST Act under section 17(3) ,ITC attributable to Outward Exempted supply will not be available so reverse the same.
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