ITC REVERSED RULE
This query is : Resolved
09 October 2020
ITC REVERSED IF A SHIRT JEANS DEALER GIVE SHIRT TO POOR CHILDREN WITHOUT CONSIDERATION
AND HE CLAIMED ITC WHEN HE PURCHASED SHIRT NOW HOW MUCH AMOUNT OF ITC TO BE REVERSED EITHER ON SALES PRICE OR PURCHASE PRICE
KINDLY TELL ME THAT IS IT A DEEMED SUPPLY
AND HE CLAIMED ITC WHEN HE PURCHASED SHIRT NOW HOW MUCH AMOUNT OF ITC TO BE REVERSED EITHER ON SALES PRICE OR PURCHASE PRICE
KINDLY TELL ME THAT IS IT A DEEMED SUPPLY
09 October 2020
What ever amount of ITC you availed on purchase the same amount is to be reversed i.e. on purchase.
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