MEIS Duty Credit Scrip

ITC / Input 497 views 3 replies

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 ?

Replies (3)
No..... I don't think so because the same has been granted as reward (Free) .

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

 

Pankaj ji how to calculate the reverse amount..pls. explain


CCI Pro

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