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ITC Reversal, Goods and Services Tax - GST

Issue Id: - 113636
Dated: 18-4-2018
By:- Puneet Arora

ITC Reversal


  • Contents

Hi Sir

I want to know some queries:-

Hello Sir

We have exported with 0 rated supply & we have received some exempted income like, Duty Draw Back, MEIS Licences, & SAD refund

our query is

what we will reverse the proportionate input tax credit again exempted income received , Duty drwa back, SAD REFUND , Licences.

Puneet

Posts / Replies

Showing Replies 1 to 5 of 5 Records

Page: 1


1 Dated: 18-4-2018
By:- KASTURI SETHI

These are not exempted. Refund and drawback become due on account of export and tax already paid at the time of export on goods or inputs contained in final products exported.


2 Dated: 18-4-2018
By:- Puneet Arora

Which Section we will not reversed the ITC


3 Dated: 18-4-2018
By:- Susheel Gupta

Dear Puneet

Duty draw back and SAD refund is actually refund of duties already paid by you as correctly replied by Kasturi Sir

Sale of MEIS Licences have been exempted from tax vide Notification No. 35/2017-Central Tax (Rate) Hence u will have to reverse proportionate ITC

Regards

CA Susheel Gupta

8510081001, 9811004443


4 Dated: 19-4-2018
By:- Ganeshan Kalyani

I endorse the views of the experts.


5 Dated: 2-5-2018
By:- Brijesh Verma

MEIS/SEIS scrips are made available as an export incentive under FTP. None of your input/input service can be attributable directly to earning such income (scrips). Rule 42 doesn't mandate such reversal. Rather, since a one-to-one correlation is available i.e. you can easily prove that all your inputs and input services are having a direct nexus with your taxable activity, there would be no requirement of reversal of any amount in respect of scrips. Basically, they are earned without incurring any expense particularly for such earning.

Comments are welcome.


Page: 1

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