Inclusion of meis license sale in Adjusted total turnover, Goods and Services Tax - GST

[Ashish Agarwal]

I am filing my RFD-01. The only sales i have are zero rated export sale and exempted Meis scrip sale.

My query is that do i include the MEIS license/scrip sale in my Adjusted total turnover.

Posts / Replies

[KASTURI SETHI]

Go through this :

Rule 89 (4) (E) OF CGST Rules, 2017 ‘Adjusted Total Turnover’ means the sum total of the value of -

(a) the turnover in a State or a Union territory, as defined under clause (112) of section 2, excluding the turnover of services; and

(b) the turnover of zero-rated supply of services determined in terms of clause (D) above and non-zero-rated supply of services,

excluding -

(i) the value of exempt supplies other than zero-rated supplies; and

(ii) the turnover of supplies in respect of which refund is claimed under sub-rule (4A) or sub-rule (4B) or both, if any,

during the relevant period.

[Rachit Agarwal]

Kasturi sir has rightly pointed out.

However it is equally important that some portional of ITC Reversal to be done as per Section 17(2) of CGST Act, 2017 read with Rule 42 of CGST Rules, 2017

[YAGAY andSUN]

Yes, agreed that ITC reversal is required as selling of Scrips as mentioned in Chapter 3 of the FTP attracts Nil rate of GST.

[Ashish Agarwal]

Thank you all

[Praneeth Thunuguntla]

Does the reversal of ITC is to be made only for that portion of ITC relating to MEIS sale (Ex. ITC claimed on charges paid to agent for sale of MEIS Scrips) or reversal % is to be applied for whole ITC availed?