Home Forum Goods and Services Tax - GST Month 8 2020 2020 (8) This
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Reversal of ITC taken in respect of Capital Goods - Goods and Services Tax - GSTExtract Our client has a Rolling Mill (RM)plant, supplies TMT to customers and also have captive consumption.Relevant ITC has been appropriately taken on Rolling Mills during the construction of such RM as per the Laws. Query: 1-Whether, Rule 43 of the CGST Rule,2017 is applicable in this case because of the captive consumption? 2- whether the input tax credit in respect of Capital Goods used in Rolling Mill will be reversed to the extent of qty. captively consumed? 3-Whether Input tax credit in respect of Capital Goods consider only for goods or both goods and service, if needs to be reversed?
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