TMI BlogReversal of ITC on capital goods from over all sales 80% supply is exemptedX X X X Extracts X X X X X X X X Extracts X X X X ..... During audit asking to reversal the Common credit . Basically firm is Rice Mill,Sale of rice in Above 25 KG. any case related or any AAR - Reply By KASTURI SETHI - The Reply = Pl. elaborate your query ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It is too short to reply correctly. - Reply By PN ELAMPARRUTHY - The Reply = purchased plant machinery for processing of paddy into rice and husk . rice mostly exempted product and its by product hu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sk and some 5 kg and 10 kg sales happening . for Eg from total Turnover 5 cr means 50 lakhs only taxable . from 18-19 not reversed any ITC .. - Reply By Shilpi Jain - The Reply = If you have used any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... goods or services commonly for taxable and exempt product then you would have to reverse credit of GST in proportion of the exempt turnover. - Reply By Padmanathan Kollengode - The Reply = I agree wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h experts. Also see if your client is exporting rice. Even if exempted, credit will be eligible towards zero-rated supply. - Reversal of ITC on capital goods from over all sales 80% supply is exempte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d - Query Started By: - PN ELAMPARRUTHY Dated:- 27-2-2024 Last Replied Date:- 8-3-2024 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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