Itc reversal rule 42 & 43
This query is : Resolved
bikash rai
(Querist)
22 May 2018
Dear Sir,
I supply totally exempted goods. I have purchase capital goods. In this case i have to revise ITC.
Sir, 1st I will take ITC in table 4(A)(5) OF GSTR3B then revise 4(B)(1) Of GSTR3B in same month.
Please reply as early as possible
thanking you
bikash rai
I supply totally exempted goods. I have purchase capital goods. In this case i have to revise ITC.
Sir, 1st I will take ITC in table 4(A)(5) OF GSTR3B then revise 4(B)(1) Of GSTR3B in same month.
Please reply as early as possible
thanking you
bikash rai
CA Kartik Pandya
(Expert)
23 May 2018
no need to do like this . . . better to capitalised the ITC amount . . .
Message likes :
2 times
Udaya Chandran
(Expert)
23 May 2018
ITC on inputs used exclusively for supply of exempted goods cannot be credited to ITC Credit Ledger as per section 42
CA Kartik Pandya
(Expert)
23 May 2018
what i mean to say is dont avail the itc and capitalised the same amount of ITC in fixed assets only . . .
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