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ITC Reversal under GST


vinod kumar   22 January 2020

vinod kumar

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ITC Reversal under GST WHY we reverse actually

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RAJA P M ("Do the Right Thing...!!!")     23 January 2020

RAJA P M
"Do the Right Thing...!!!" 
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Bcoz, it's not eligible as ITC as per GST...

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sidhu (Tax consultant)     23 January 2020

sidhu
Tax consultant 
 4 likes  70 points

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The situations for ITC reversals are provided below-
a) Availment of credit in relation to exempt goods or services
b) Availment of common credit (ex-building rent, auditor fees) and supplying both taxable and exempt goods/services, then proportionate ITC in relation to exempt supplies shall be reversed
c) others

reason: ex:100+18 rs invoice purchase is used to supply 50rs exempt and 50rs+9 taxable supplies. in such case you take 18 rs credit and pay 9rs to government. So government has placed the restriction

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