Rcm input -reversal

This query is : Resolved

Praveena B (Querist)
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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

ASHWANI DHANUKA

ASHWANI DHANUKA (Expert)
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19 February 2018 Zero rated sale are not Exempt sales. Therefore, no input reversal requires under R42 and R43

Praveena B

Praveena B (Querist)
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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.