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TMI BlogInclusion of meis license sale in Adjusted total turnoverX X X X Extracts X X X X X X X X Extracts X X X X ..... Inclusion of meis license sale in Adjusted total turnover X X X X Extracts X X X X X X X X Extracts X X X X ..... eply 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 under 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 Reversa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l 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 reversal 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 whole ITC availed? X X X X Extracts X X X X X X X X Extracts X X X X
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