credit reversal, Goods and Services Tax - GST

[knr varma]

manufacturing company manufacturing taxable and exempted goods(exemple. PAPPAD) , company purchased capital goods( Truck for transporting goods Gst 28%+Cess), packing material ( Gst 18%).

above case company can claim gst input tax credit 100% on capital goods and packing material

Posts / Replies

[Ganeshan Kalyani]

Input Tax Credit on both the items i.e. packing material and truck is eligible.

[CS SANJAY MALHOTRA]

Proportionate credit is eligible. Please refer to Rule 42 & 43 of CGST Rules.

[KASTURI SETHI]

Yes. Sir. Beyond doubt. When taxable and exempted both are involved, not even remote possibility of full credit is present.

[Legal Raasta]

Every person registered under GST has to furnish the details of sales, purchases, and tax paid and collected thereon by filing GST return monthly/quarterly.

[YAGAY AND SUN]

Proportionate ITC would only be available.