ITC REVERSED UNDER GST
keshavamurthy mb (145 Points)
18 September 2018
as per rule 42 and 43 of cgst/sgst rules
1 Replies
Vinod Babu
(24191 Points)
Replied 18 September 2018
Reversal of ITC attributable exempt supplies under Rule 42/43 of the CGST Rules, 2017-Simplified
Sec 17(2) of the CGST Act, 2017 provides that where the goods or services are used partly for effecting taxable supplies (including zero rated) and partly for exempt/ non-business use then the amount of credit as attributable to exempt supplies or non-business use shall be reversed as per Rule 42/43 of the CGST Rules, 2017.
Sec 17(2) of the CGST Act, 2017 provides that where the goods or services are used partly for effecting taxable supplies (including zero rated) and partly for exempt/ non-business use then the amount of credit as attributable to exempt supplies or non-business use shall be reversed as per Rule 42/43 of the CGST Rules, 2017.
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