TMI BlogCommon ITC reversal under GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, As per ITC reversal of common input and input services and capital goods used for manufacturing taxable and exempted supplies by the manufacturer in one GSTIN. Apart from manufacturing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turnover there is some traded value of the same taxable products. My query pertains, as per formula of common ITC reversal , total turnover means inclusive of traded turnover should be included or e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xcluded. Kindly clarify. - Reply By Amit Agrawal - The Reply = Under formula prescribed in Rule 42 43 , F is the total turnover in the State of the registered person during the tax peri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... od. Neither Section 17 (1) (2) nor above rules talks about separate calculations between manufacturing non-manufacturing supplies OR business-segment wise calculations. So, total turnover ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - in the fact of your case - will include value of supplies from trading as well as manufacturing activities. These are ex facie views of mine and the same should not be construed as profession ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al advice / suggestion. - Reply By Ganeshan Kalyani - The Reply = Trading turnover also to be considered for the purpose of common credit calculation. - Common ITC reversal under GST - Query Sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rted By: - Muthukumar Muthunarasimhan Dated:- 1-8-2022 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Manage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment 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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