Reversal of ITC on capital goods from over all sales 80% supply is exempted

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..... Reversal of ITC on capital goods from over all sales 80% supply is exempted
Query (Issue) Started By: - PN ELAMPARRUTHY Dated:- 27-2-2024 Last Reply Date:- 8-3-2024 Goods and Services Tax - GST

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..... >Got 4 Replies
GST
During audit asking to reversal the Common credit . Basically firm is Rice Mill,Sale of rice in Above 25 KG. any case related or any AAR Reply By KASTURI SETHI: The Reply: .....

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..... Pl. elaborate your query. It is too short to reply correctly. Reply By PN ELAMPARRUTHY: The Reply: purchased plant machinery for processing of paddy into rice and husk . rice mostly exempted product .....

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..... and its by product husk and some 5 kg and 10 kg sales happening . for Eg from total Turnover 5 cr means 50 lakhs only taxable . from 18-19 not reversed any ITC .. Reply By Shilpi Jain: The Reply: I .....

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..... f you have used any goods or services commonly for taxable and exempt product then you would have to reverse credit of GST in proportion of the exempt turnover. Reply By Padmanathan Kollengode: The R .....

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..... eply: I agree with experts. Also see if your client is exporting rice. Even if exempted, credit will be eligible towards zero-rated supply.
Discussion Forum - Knowledge Sharing .....

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