Input credit of reverse charge paid for Exempted Supply
This query is : Resolved
22 September 2020
Hi
Kindly guide can we claim an Itc for reverse charge paid specially when our main output/ supply exempted from tax.
Kindly guide can we claim an Itc for reverse charge paid specially when our main output/ supply exempted from tax.
23 September 2020
The input tax credit can be claimed by the buyer as long as they use the goods and services they bought on a reverse charge basis for business purposes only.
24 September 2020
Thanks for reply.Kindly guide further if we are paying GTA on reverse charge with 5% tax bracket then can we claim gst credit for same or not specially when our main supply exempted from tax.According to me we can take input credit of GTA in 12 % tax bracket only.Kindly guide
24 September 2020
GST rate 12% with GST and 5 % without GST is for GTA. The recipient can take credit even paid @ 5% subject to the condition that the service uses for business purposes only.
ITC is not available if outward supply is exempted or not used for business purpose
ITC is not available if outward supply is exempted or not used for business purpose
Message likes :
1 times
24 September 2020
Thanks for the reply
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
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
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
