Inclusion of meis license sale in Adjusted total turnover

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..... 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. - Reply By KASTURI SETHI - The Reply = 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 .....

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..... 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 u .....

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..... nder sub-rule (4A) or sub-rule (4B) or both, if any, during the relevant period. - Reply By Rachit Agarwal - The Reply = 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 - Reply By YAGAY andSUN - The Reply = Yes, agreed that ITC reversa .....

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..... l is required as selling of Scrips as mentioned in Chapter 3 of the FTP attracts Nil rate of GST. - Reply By Ashish Agarwal - The Reply = Thank you all - Reply By Praneeth Thunuguntla - The Reply = 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 w .....

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..... hole ITC availed? - Inclusion of meis license sale in Adjusted total turnover - Query Started By: - Ashish Agarwal Dated:- 19-5-2020 Goods and Services Tax - GST - Got 5 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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