MEIS Scrip

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... MEIS Scrip
Query (Issue) Started By: - Kaustubh Karandikar Dated:- 28-5-2020 Last Reply Date:- 29-5-2020 Goods and Services Tax - GST
Got 4 Replies
GST
XYZ had obtained MEIS licence and t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he same is used for payment of customs duty. In financials, they had considered it as income under head other revenues - Export Incentives. 1) Is ITC required to be reversed on it. 2) Is it required .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... to be shown anywhere in GSTR - 1 or GSTR - 3B? Reply By YAGAY andSUN: The Reply: Since, you have not sold MEIS but used in paying off customs duty through it therefore in our view, there is no requ .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... irement to reverse the ITC. Reply By Ganeshan Kalyani: The Reply: The element of supply is absent in this case. Hence, GST is not applicable. Reply By Ganeshan Kalyani: The Reply: In my view, rev .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ersal of ITC is also not required. Reply By KASTURI SETHI: The Reply: I support the views of both experts. It being out of GST, not required to be shown in GSTR-1 and GSTR 3B.
Discussion Forum - .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X