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GST ITC availablity
The company has availed GST credit from TRAN1 for procuring leased asset and the same has still outstanding balance in the credit ledger. Subsequently on Jan 2020, CBIC has exempted gst on supply of lease by government undertaking. Currently company is supplying exempt supplies. My question is that whether the company needs to reverse the proportionate amount of ITC availed with the exempt supplies made?
Replies (2)
As I understand, the exemption would be prospective in nature, in which case, no need to reverse ITC for the period when the exemption was not effective.
No, need to reverse since ITC was availed before the exemption notification was issued
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