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ITC on clearing agents bills for high seas sales eligibility, Goods and Services Tax - GST

Issue Id: - 114592
Dated: 6-2-2019
By:- Madhavan iyengar
ITC on clearing agents bills for high seas sales eligibility

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Where goods are purchased and sold on highseas basis ( which is treated as no supply post 01/02/2019) is the GST credit of clearing agent charges, eligible to be taken

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Showing Replies 1 to 4 of 4 Records

1 Dated: 6-2-2019
By:- KASTURI SETHI

In my view, ITC is eligible . Clear Agent 's Service is independent of 'No Supply' activity.


2 Dated: 11-2-2019
By:- Mahadev R

I concur with Kasturi Sir.

After the amendment now, for the purpose of Section 17 which restricts ITC on exempt supply, the expression ''value of exempt supply'' shall not include the value of activities or transactions specified in Schedule III, except those specified in paragraph 5 of the said Schedule.

 


3 Dated: 11-2-2019
By:- Madhavan iyengar

But the high seas sales is to be shown as no supply under Non-GST supplies, thus it is not an exempt supply at all. Being a non gst supply can credit be availed of service exclusively used for non-gst supplies. kindly clarify


4 Dated: 11-2-2019
By:- Mahadev R

ITC is restricted in Section 17. When there are exempt+ taxable supplies involved, Rule 42 applied which requires identification of inputs/input services used exclusively for exempt supplies as well. However, according to new explanation, Schedule III items not to be considered as exempt supplies. Therefore, reversal may not arise according to me. Experts can correct my understanding


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