Kallol Sarkar (Accountant) (188 Points)
15 January 2020We have export sales for which we earned some MEIS reward and we have sold this duty credit scrip.
Sale of Duty Credit Scrip is an exempted sale.
Question is should we reverse proportionate input tax credit under sec 17(2) of CGST act. against this exempted income received ?
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 16 January 2020
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 16 January 2020
Dear Kallol Sarkar
Sorry for above reply , As per rule 42 , under common credit need to be reversed.
Hence common ITC @ 5% need to reverse
VIKAS SAINI
(1163 Points)
Replied 16 January 2020
CAclubindia
