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Reversal of ITC on Exempted sales Rule Under 42 & 43

This query is : Resolved 
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(Querist)
28 March 2024 We have received a notice on Reversal of ITC on Exempted Sales Rule Under 42 & 43. Regarding this we are unaware of it and when we gone through Rule 42 & 43 we are in Confusing. Please explain in briefly and the calculation and any calculation excel sheet can be provided.
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CA L Gopal Shah

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CA L Gopal Shah (Expert)
09 April 2024 As per rules 42 and 43 taxpayer need to reverse the ITC related to exempted turnover as per the formula given in Rules 42 and 43. In case of any guidance kindly contact us
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