how to claim 05% tax which is paid on purchase of cotten seeds as raw material for manufacturing of deoiled cake which is 0% tax item...Plse guide me.
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itc on cotten seed deoiled cake
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ITC on inward supply of raw material used for exempted supply is not allowable
ITC on inward supply of raw material used for exempted supply is not allowable
But Urd purchase Kiya ho to gst kya hoga?
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Can you claim the 5% tax paid on cotton seeds? No.
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Reason: Under Section 17(2) of the CGST Act, ITC is blocked on inputs used for manufacturing exempt goods (cotton seed de-oiled cake is exempt from GST). Furthermore, no cash refund can be claimed for accumulated credit under Section 54(3) for exempt supplies.
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