Just wanted to clear one doubt...
E.g Mr X supplies 3 exempt products(A,B,C). On 4th of june, product A and B becomes taxable and Mr X has an input of 2lakhs(tax) as on 3rd june.
So as per section 18 Mr X can take the credit of 2 lakh.
My question is that, as product A and B became taxable whereas product c is exempt, whether we have to apply apportionment provision of section 17 or take the full credit of 2 lakh ?
4 Replies
Shivam RC
(Student)
(23683 Points)
Replied 03 June 2020
Apportionment Provision i.e. Section 17(2) of the CGST Act 2017 will be applicable here since partly used for Exempt Supply and partly is being used towards Taxable Supply.
KRISSHNAN KP
(4215 Points)
Replied 06 June 2020
A and B is eligible C is not eligible for ITC thus you have to apply section 17
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