TMI BlogMEIS ScripX X X X Extracts X X X X X X X X Extracts X X X X ..... XYZ had obtained MEIS licence and the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be reversed on it. 2) Is it required 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rough it therefore in our view, there is no requirement to reverse the ITC. - Reply By Ganeshan Kalyani - The Reply = The element of supply is absent in this case. Hence, GST is not applicable. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply By Ganeshan Kalyani - The Reply = In my view, reversal 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 requi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red to be shown in GSTR-1 and GSTR 3B . - MEIS Scrip - Query Started By: - Kaustubh Karandikar Dated:- 28-5-2020 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Sharing, reply post by an expert, personal opinion 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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