TMI Blogitc reversalX X X X Extracts X X X X X X X X Extracts X X X X ..... we have composite unit of cotton gining oil mill unit ,we purchase raw cotton pay gst on rcm basis take itc on gst paid as Rcm,In gining unit two product emerge one is cotton bales cotton seed, both are taxable but if we further process cotton seed ,2 products emerge one is cotton seed cake which is exempt 2nd is cotton oil which is taxable ,so we need to reverse credit on cotton seed ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ke ,as per the turnover of cotton seed cake but how in gst 3b??? - Reply By Nandan Khambete - The Reply = In above illustration,Total ITC will be reversed in ratio of Turnover of cotton seed cake divided by Total Turnover, if specific Consumption records are not maintained. If maintained, ITC will be reversed based on consumption of cotton for Making Cottong seed cake. In GSTR 3B , full I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TC to be claimed and later reversal u/s 42 will have to be shown. - Reply By KASTURI SETHI - The Reply = I support the views of Sh. Nandan Khambete Ji. In addition to this, I also advise to consult CMA in this context. - Reply By SHASHI MITTAL - The Reply = Thank you sir Nandan Khambete ji kasturi sethi ji - Reply By Ganeshan Kalyani - The Reply = In my view only eligible ITC can also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be disclosed in the return instead showing total first and then reversing the ineligible. - Reply By KASTURI SETHI - The Reply = Dear Sh.Ganeshan Kalyani Ji, Raw material is one and two products emerge after ginning. Raw cotton contains seed also. So practically it is not possible to segregate both before ginning for the purpose of availment of ITC a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s suggested by you. So better option is to work out cost of production of both for computation of ITC involved in exempt product. For this purpose CMA is the right person to consult. I hope you are satisfied and will agree with me. Regards. - Reply By Ganeshan Kalyani - The Reply = Yes, I agree with your views. Alternately, the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... portion of ITC may be arrived by adopting previous financial year outward supply turnover. The turnover figure is ready is the accounts department of a company. I would like to have your views on this. - itc reversal - Query Started By: - SHASHI MITTAL Dated:- 2-7-2019 Goods and Services Tax - GST - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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