Itc reverse on non business and exempt supply 42,43 rule

This query is : Resolved

Kollipara Sundaraiah (Querist)
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01 October 2023 Sir,
A Gst registered dealer 5 precentage tax goods and exempt goods trading transactions.if gst department notice issued details mentioned below.itc reverse on non business transaction and exempt supply sec 17(1)(2) under rule 42, 43.

Dealer taxable and exempt goods separate account transaction and show in gstr3b return.
Question;
Dealer notice received after procedure

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 October 2023 Reply to the notice separate accounts maintained for taxable and exempt goods and no ITC claimed for exempt goods.

CA Altamush Zafar

CA Altamush Zafar (Expert)
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02 October 2023 For common ITC you need to reverse ITC proportionate to exempt supplies. For specific inputs related to exempt supplies no ITC is to be taken. For reply of notices always engage a professional..

Arun Kumar Singh

Arun Kumar Singh (Expert)
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04 October 2023 ITC will be reversed on common input services under these rules.

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