My client purchases gingelly oil seeds and avails input tax credit on it. The goods manufactured from it are gingelly oil and oil cake. Oil is taxed but oil csake is exempt. My doubt is whether input tax to be reversed? As oil cake is only a by-product ,should ITC be reversed or not?
Menu
Input tax reversal
Replies (1)
ITC to be reversed proportionately for exempt goods
Recent Topic
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
- Exempt income declaration schedule EI in ITR2 (AY2
- Mold cost invoice in GST return
- WhatsApp document sharing: Client sends Aadhaar, P
Related Topics
CAclubindia
