Itc reverse on non business and exempt supply 42,43 rule
This query is : Resolved
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
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
02 October 2023
Reply to the notice separate accounts maintained for taxable and exempt goods and no ITC claimed for exempt goods.
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..
04 October 2023
ITC will be reversed on common input services under these rules.
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