Reversal of GST Input
This query is : Resolved
18 May 2022
Reversal of GST Input OTHER THAN section 42 and 43 of CGST ACT.
PLEASE PROVIDE SECTION LIST.
PLEASE PROVIDE SECTION LIST.
CA R SEETHARAMAN
(Expert)
19 May 2022
THE REVERSAL OF ITC IS TO BE DONE IN THE FOLLOWING
SCENARIOS:
The recipient fails to pay consideration to the supplier (whether fully or partly) for a particular
supply. (Rule 37 of CGST Rules)
ITC has been availed on ‘blocked credits’ as per Section 17(5) of CGST Act.
Inputs have been used to make a full or partial exempt supply or supply which is not for
business purpose or used for personal consumption. (Rule 42 of CGST Rules)
Inputs used in goods that were given out as free samples or used in goods that were lost,
destroyed, stolen, etc.
Cancellation of GST registration or switches to Composition Scheme. (Rule 44 of CGST Rules)
Inputs taken on Capital Goods for supply of wholly exempt goods or taxable and exempt goods. (Rule 43 of CGST Rules)
Depreciation under the Income Tax Act has been claimed on the GST component of capital
goods purchased.
Reversal of 50% of ITC by banking and other financial companies under special rules.
Credit note issued to Input Service Distributor(ISD). (Rule 39 of CGST Rules)
SCENARIOS:
The recipient fails to pay consideration to the supplier (whether fully or partly) for a particular
supply. (Rule 37 of CGST Rules)
ITC has been availed on ‘blocked credits’ as per Section 17(5) of CGST Act.
Inputs have been used to make a full or partial exempt supply or supply which is not for
business purpose or used for personal consumption. (Rule 42 of CGST Rules)
Inputs used in goods that were given out as free samples or used in goods that were lost,
destroyed, stolen, etc.
Cancellation of GST registration or switches to Composition Scheme. (Rule 44 of CGST Rules)
Inputs taken on Capital Goods for supply of wholly exempt goods or taxable and exempt goods. (Rule 43 of CGST Rules)
Depreciation under the Income Tax Act has been claimed on the GST component of capital
goods purchased.
Reversal of 50% of ITC by banking and other financial companies under special rules.
Credit note issued to Input Service Distributor(ISD). (Rule 39 of CGST Rules)
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