Reversal of GST Input

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Daya

Daya (Querist)
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18 May 2022 Reversal of GST Input OTHER THAN section 42 and 43 of CGST ACT.
PLEASE PROVIDE SECTION LIST.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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)

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