ITC Reversal under GST
vinod kumar (22 Points)
22 January 2020
ITC Reversal under GST WHY we reverse actually
2 Replies
RAJA P M
("Do the Right Thing...!!!")
(128106 Points)
Replied 23 January 2020
Bcoz, it's not eligible as ITC as per GST...
sidhu
(Tax consultant)
(70 Points)
Replied 23 January 2020
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
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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