Rcm input -reversal
This query is : Resolved
19 February 2018
Dear Sir/Madam,
As per the GSTR we have to reversed the some of the Input as per the particulate specification of CGST Act 2017 U/s 42 & 43.In this ITC Reversal RCM Input to be reversible or not.
ITC Reversal we are using the formula like-Exempted Sales*Gross Input/Total Turnover. So the Exempted Sales Inclusive of Zero Rated Sales or not??
We are the exporter & we have sold the trade license to other customer.So is it required to shown this Exempted Sales or Zero Rated Sales?/
Regards.
Praveen
As per the GSTR we have to reversed the some of the Input as per the particulate specification of CGST Act 2017 U/s 42 & 43.In this ITC Reversal RCM Input to be reversible or not.
ITC Reversal we are using the formula like-Exempted Sales*Gross Input/Total Turnover. So the Exempted Sales Inclusive of Zero Rated Sales or not??
We are the exporter & we have sold the trade license to other customer.So is it required to shown this Exempted Sales or Zero Rated Sales?/
Regards.
Praveen
19 February 2018
Zero rated sale are not Exempt sales. Therefore, no input reversal requires under R42 and R43
19 February 2018
OK & i would like to ask some thing about the License Sales is exempted sales or zero rated Sale?
In case it is exempted we can reversed ITC as per the specific calucation or else its is zero rated we cant consider has a exempted sales.Please clarify this.
In case it is exempted we can reversed ITC as per the specific calucation or else its is zero rated we cant consider has a exempted sales.Please clarify this.
19 February 2018
can u give exact specification ..or preferably HSN
19 February 2018
Give us Exact Specification
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
