Reversal under rule 42
Harsh Jhawar (student) (36 Points)
28 February 2020Harsh Jhawar (student) (36 Points)
28 February 2020
CA Akshay Hiregange
(Partner - Audit & Assistance)
(4515 Points)
Replied 28 February 2020
Dear Harsh please provide the HSN & tax rates for cotton seeds (purchase) and outward HSN & rate for oil & cake. This will help answer the question.
P.S. Do not forget about Rule 43 which is similar concept for Capital goods, although computation is completely different and cumbersome.
CA Akshay Hiregange
(Partner - Audit & Assistance)
(4515 Points)
Replied 02 March 2020
Dear Harsh, where there is no ITC restriction on the goods, and both are taxable under GST (rate does not matter), then full ITC should be eligible.
Harsh Jhawar
(student)
(36 Points)
Replied 08 March 2020
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
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