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Input tax credit
Can we take ITC if sale is nil rated & purchase are taxed @ 5%.
Replies (6)
No, you have to reverse as per Section 17 and 18
You cannot take itc on input supply where you have not charged tax on out put supply... except in case of zero rated supply.
No has to reverse the ITC if your outward supply is Nil Rated (Rule 42 CGST Act)
Can we take those ITC in any other outward taxable supply
yes you can......
If the purchase goods which you are using for providing taxable and nil rated supply thn you can take ITC but yoy should have follow the provision of rule 42&43.
pls refer below
https://www.indiafilings.com/learn/rules-42-43-cgst-rules/
pls refer below
https://www.indiafilings.com/learn/rules-42-43-cgst-rules/
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