ITC Reversal on sale of maida
This query is : Resolved
15 November 2021
I am a manufacture of biscuits. during the FY 2018-19 I sold biscuits and paid GST as per the applicable rates. and also I sold some Maida which is exempt. now do I need to reverse ITC on other purchases like Wrapper, Sugar, Vanaspathi, etc., in accordance with Rule 42? because while purchasing maida I didn't receive ITC, because it is exempt.
15 November 2021
No need for such reversal as all the purchase related to biscuits manufacturing.
Message likes :
1 times
15 November 2021
iFor Input goods and services: Rule 42 of the CGST Rules 2017 prescribe the ITC reversal on the supplies that are exempt or used for personal consumption. As per Rule 42, reversal is required for that portion of common credit which is attributable to exempt supplies or for non-business use and so u can reverse it under ineligible
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
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- Procedure for claiming exemption in Article Ship for CA Course
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
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
