Audit fees ITC

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402 Points Posted on 03 September 2020
Can i claim full ITC on audit fees if i am dealing in taxable and exempt goods. If yes than help me out with the section or provide helpful revert.
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On 03 September 2020 at 14:18 Report
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Quick Summary
If you deal in both taxable and exempt goods, you can claim Input Tax Credit (ITC) on audit fees. However, this ITC will be classified as common credit. You'll need to calculate the eligible portion by dividing your taxable turnover by your total turnover, as per Section 17(2) and Rule 42. After taking full credit, reverse the portion attributable to exempt supplies.

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43 Points Posted on 03 September 2020
ITC would be classified as common credit, of whose eligible portion of eligible ITC needs to be worked out by dividing taxable turnover by total turnover.
refer section 17(2) and rule 42
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On 03 September 2020 at 17:04
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T
405 Points Posted on 03 September 2020
If u can apportion the itc as per turnover of taxable and exempt then first take full credit then reverse the amount of credit apportioned for exempt supply
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On 03 September 2020 at 19:26
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19 Points Posted on 04 September 2020
Yes you can claim ITC on audit fee
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On 04 September 2020 at 20:14

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