ITC REVERSED UNDER GST

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.