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.
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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.
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