Reversal of ITC rule 42
This query is : Resolved
29 November 2019
Sir
In case of Export sales of goods and domestic sales of goods made by dealer.
Whether Rule 42 is applicable for reversal of ITC .
say Export Sales :1 cr
Domestic Sales: 2 Cr
Total ITC = 30 lac (Purchase of Goods)
Reversal of ITC (rule 42)=30*1/3= 10 Lac.
Please provide your opinion.(regarding above)
Thanks in advance.
In case of Export sales of goods and domestic sales of goods made by dealer.
Whether Rule 42 is applicable for reversal of ITC .
say Export Sales :1 cr
Domestic Sales: 2 Cr
Total ITC = 30 lac (Purchase of Goods)
Reversal of ITC (rule 42)=30*1/3= 10 Lac.
Please provide your opinion.(regarding above)
Thanks in advance.
29 November 2019
Rule 42 is not applicable in cases of Exports since it is a Zero-rated Supply.
No requirement to reverse ITC.
No requirement to reverse ITC.
29 November 2019
Reversal need not to be made in case of export sale
As per Rule 42 of CGST Act - ITC to be used exclusively for making supply other than exempted (but incl. Zero rated)
As per Rule 42 of CGST Act - ITC to be used exclusively for making supply other than exempted (but incl. Zero rated)
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Form 10BD Filling
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- TDS ON CASH WITHDRAWALS...
- ESIC- Employee Registration
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
