Reversal of ITC on Exempted sales Rule Under 42 & 43
This query is : Resolved
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.
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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