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Confusion in Sec.17 (2) and (3)
Why sale of land is included in exempt supply in 17(3) even if it is out of scope of supply and what will be it's impact if a person is selling a taxable supply along with sell of land then how the ITC will be claimed ? Pls also give an example.
Replies (1)
The sale of land is treated as an "exempt supply" under Section 17(3) solely for calculating ITC reversals. If you sell both taxable supplies and land, you can fully claim ITC directly related to the taxable supply, but you must proportionally reverse common ITC based on the ratio of the land's stamp duty value to your total turnover.
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