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.
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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.
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