We have export sales for which we earned some MEIS reward and we have sold this duty credit scrip.
Sale of Duty Credit Scrip is an exempted sale.
Question is should we reverse proportionate input tax credit under sec 17(2) of CGST act. against this exempted income received ?
Dear Kallol Sarkar
Sorry for above reply , As per rule 42 , under common credit need to be reversed.
Hence common ITC @ 5% need to reverse
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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