Common ITC reversal under GST

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..... Common ITC reversal under GST
Query (Issue) Started By: - Muthukumar Muthunarasimhan Dated:- 1-8-2022 Last Reply Date:- 5-8-2022 Goods and Services Tax - GST
Got 2 Replies
GST
Dear Expert .....

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..... s, 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 turnover th .....

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..... ere 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 excluded. Kin .....

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..... dly 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 period. Neither Section 17 (1 .....

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..... ) & (2) nor above rules talks about separate calculations between manufacturing & non-manufacturing supplies OR business-segment wise calculations. So, total turnover - in the fact of your case - wil .....

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..... l 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 professional advice / suggestion. Reply By Gane .....

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..... shan Kalyani: The Reply: Trading turnover also to be considered for the purpose of common credit calculation.
Discussion Forum - Knowledge Sharing .....

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