ITC Reversal As per rules 42 & 43 of CGST Rules
This query is : Resolved
15 May 2020
hello please guide me how i can calculated 42/43 reversal
i have find ITC reversal amount through following formula _ Exempted turnover /Total Turnover
kindly guide exempted turnover definition ??? as per my knowledge exempted turnover means Zero rated sales (export Sales )+ Nil rated sales +Non GST sales
Kindly guide
i have find ITC reversal amount through following formula _ Exempted turnover /Total Turnover
kindly guide exempted turnover definition ??? as per my knowledge exempted turnover means Zero rated sales (export Sales )+ Nil rated sales +Non GST sales
Kindly guide
15 May 2020
Yes you are right that's the definition.
16 May 2020
Sir
One of my friend said that Zero rated supply not consider in exempt supply and not consider at the time of reversal 42/43.
so kindly provide section detail which mention zero rated supply consider in 42/43 exempted turnover definition
One of my friend said that Zero rated supply not consider in exempt supply and not consider at the time of reversal 42/43.
so kindly provide section detail which mention zero rated supply consider in 42/43 exempted turnover definition
16 May 2020
Your friend is right exempt turnover should not include zero rated supply for this purpose.
16 May 2020
Yes. Zero rates supplies not to be considered while reversal of credit. Pl consider Nil rated, exempted supplies only for reversal of the credit. Hope the clarification will suffice your requirement.
Message likes :
1 times
16 May 2020
Finally, exempted turnover means: Nil rated sales + Non GST sales and proportionately ITC can be reversible considering Export Sales + Zero Rated sales.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Type of Capital Gain
- LIABILITY ADJUSTMENT
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- NRI INSURANCE ADVISOR
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
