my taxable turnover is 1.5 cr
Interest on FD is 4 cr
Interest on partnership firm capital 1 cr
weather I'm required to apportion itc/reverse proportionate itc under section 17 of cgst act 2017?
As interest is exempt under gst as per exemption list.
Menu
Apportionment of itc for interest on FD
Replies (1)
You need to reverse the ITC, only if, it is common between taxable and exempt turnover.
However if you have inputs which is specifically towards your taxable turnover, then you need not reverse.
However if you have inputs which is specifically towards your taxable turnover, then you need not reverse.
Recent Topics :
- CAPITAL GAIN REG
- Built a simple tool to automate client document fo
- Capital Gain on Sale of SRA Allotted Flat Received
- Discrepancy in Auto populated figures in GSTR1 of
- What should I do after receiving a GST Show Cause
- Discuss and Download CA Inter Question Paper Septe
- Hi experts needed some help
- Gift of Immovable Property u/s 92 of Income Tax Ac
- NSE BSE Pre-open session changes from 7 September
- Financial statements for non corporate entities
Related Topics :
CAclubindia
