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TMI BlogITC reversal on securities being derivatesX X X X Extracts X X X X X X X X Extracts X X X X ..... Trading income earned on derivates i.e. options and futures would be exempt income for purpose of computing reversal under Rule 42 of CGST Rules . Explanation in CGST Rules provides that for sale o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f securities, value of exempt supply would 1% of sale value. How should the value of supply be calculated for options and futures transactions? - Reply By Shilpi Jain - The Reply = 1% of the sale v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alue can be regarded. Any challenge with this? Further, whether there is any other exempt supply that you are having or this is the only one? In such a scenario there is a possible interpretation th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at there is no requirement of reversal of credit. - Reply By Aditya Gondiker - The Reply = Shilpiji, Can you please elaborate on your response as to why the registered person would not be required ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to reverse credit if he only had exempted supplies in relation to transaction in securities and no other exempted supplies. Thank you in advance. - ITC reversal on securities being derivates - Quer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Started By: - Sonali Watve Dated:- 26-4-2023 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia - 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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