Dear Experts
little clarification req on Itc reversal
For example
we purchased goods value of
10000/- in April and Itc received 1800/- adjusted the same in April 3B return
in May we have made Sez sale 12000/- under Lut with Gst value 0/-
in may 3B we have to reverse the Itc of 1800/- or 2160/-???
please help me in this regard.
Menu
Itc reversal
Replies (7)
Hlo, in my opinion there is no need to reverse the ITC. If you are only dealing with SEZ units, you can claim refund of unutilised ITC. Otherwise you can adjust with tax on B2B supplies.
No sez sales are very less, we deal normal gst sales more
Then no need to reverse the ITC. You can claim. SEZ sales are considered to be Zero rated supplies. It is eligible for credit or refund.
Ok sir thank you
@ Haritha.,
Better to confirm "You have LUT / BOND" for Zero rate supply to the SEZ / EXPORT supply for claim refund.
If Yes then You can claim refund for Unutilized ITC As per above replies by Mr David...
otherwise it's not available....
Better to confirm "You have LUT / BOND" for Zero rate supply to the SEZ / EXPORT supply for claim refund.
If Yes then You can claim refund for Unutilized ITC As per above replies by Mr David...
otherwise it's not available....
Yes sir we hv LUT
No not required to reverse the ITC .
In term of Section 17(1)(2), the ITC need not be Reverse if the outward supply is Zero Rated (Export)
In term of Section 17(1)(2), the ITC need not be Reverse if the outward supply is Zero Rated (Export)
Recent Threads
- Demat of shares of private limited company
- Income only with share market around 5-6 lack
- Missed GST Reporting for March 2025
- Future and Option Turnover
- Outstanding demand
- Error in filing income tax return
- DRAFT - DIRECTOR's REPORT OF BASE LAYER NBFC
- Amt of LTCG required to be reinvested on house pro
- Charity Commissioner of Maharashtra site error
- GST under my personal name
Related Threads
CAclubindia
