we have trading business both taxable & exempt.
We have given advertisement of our
exempted product in magazine.
Advertisement party raised his invoice including gst amount.
But we not taken input GST credit in our books of account due to exempt product.
Is this method ok or taking input
and reversal in GSTR-3B return as per rule 42/43 in table 4 is correct.
All ITC which is populated in gstra 2B
is necessary for taking consideration
in for return 3b
In short is it mandatory for taking each input in books of account.
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Each input taking mandatory
Replies (9)
Quick Summary
ITC related to exempted products exclusively was not allowed and same is not to be claimed.
Each and every input is not allowed under GST.
Each and every input is not allowed under GST.
My question is exempted produced itc is taking as input in gstr 3b & then reversed is essential
or directly not taken at all.
which is correct method
or directly not taken at all.
which is correct method
Directly show it in ITC ineligible u/s 17
Exempted product input showing in gstr 3b as ineligible input u/s 17 is mandotry or voluntry
It's voulntarily but already govt issued clarification to show it under 17(5)
Showing above input in gstr 3b is fall under section 17 or any section.
Same is covered under Section 17(2)
Ur supply is exempted goods as per query.
Advertising expenses raised on which item.
This expenses add with value of goods then it treated as an expense in the profit and loss account.
It will be treated as restricted ITC in GSTR 3B.Then u ignore it.
Advertising expenses raised on which item.
This expenses add with value of goods then it treated as an expense in the profit and loss account.
It will be treated as restricted ITC in GSTR 3B.Then u ignore it.
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