Home Forum Goods and Services Tax - GST Month 11 2023 2023 (11) This
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regarding ITC reversal as per rul 42 & 43 - Goods and Services Tax - GSTExtract sir one of my client received notice u/s 73 to reverse the ITC of Rs-1,92,409.66/-(SGST+CGST) as per the provisions of rule 42 43 on the exempt sale of fire wood amounting Rs-11,96,250/- generated during the process of manufacturing of VINEER PATTA. he is registerd in GST as manufacturing unit. nature of bussiness is manufacturing of VINEER PATTA (Finished Goods) which attracts 18% GST. rae material required to manufacture finished goods are woods.ITC availed through GSTR 3B are eligible ITC for manufacturing of finished goods. kindly advise rule 42 43 is applicable in this case for reversal of ITC
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