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TMI BlogReversal of ITC in case of Nil Rated Supply of GoodsX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, We have imported Oats Grains from outside India and Sold the same domestically apart from some other taxable supplies. Since the said items falls under HSN 1004 in Schedule I (List of Ni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Rated Goods), we have not charged GST on sale and accordingly declared as Nil rated supply in GST return. Is there any reversal of ITC required in such scenario? Please given reference if yes/no. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank you - Reply By RaamSrinivasan Kalpathi - The Reply = Yes ITC reversal is mandatory not only on the directly related supplies but on the proportionate common inputs like rent, consultancy, audit fe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es, stationery relating to the said period. Thanks - Reply By KALLESHAMURTHY MURTHY - The Reply = Dear Sir, I concur with Sri Sri Kalpathi Sir. Exempted supplies along with Taxable supplies required t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o reverse ITC proportionately as provided under Rule 42 of the GST Law. - Reply By KASTURI SETHI - The Reply = Yes, reversal is required as per Section 17 (1) (2) of CGST Act, 2017 . - Reversal of IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C in case of Nil Rated Supply of Goods - Query Started By: - SolarworldEnergySolutions PrivateLimited Dated:- 25-12-2024 Last Replied Date:- 25-12-2024 Goods and Services Tax - GST - Got 3 Replies - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - 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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