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query for reversal of ITC
If client give service of ocean freight for goods exported out of india to domestic clients, it treated as nil rated, as per 25.01.2018 notification, but do clients need to reverse common ITC based on turnover of taxable and non taxable supply. Under rule 42 and 43
Replies (5)
Yes you are correct as per Notification 2/2018 CT (r) its exempted .
But for the purpose of calculation of reversal, these services will not be taken into the
value of exempt supplies. This was inserted vide Notification no. 3/2018-Central Tax dated
23rd January 2018.
Hence no reversal is required
But for the purpose of calculation of reversal, these services will not be taken into the
value of exempt supplies. This was inserted vide Notification no. 3/2018-Central Tax dated
23rd January 2018.
Hence no reversal is required
So, will this notification take effect from 23.01.2018 or its retrospective effect from 1.07.2017. since on notification its not mentioned.
Shall be effective from 23.01.2018
that means till 23.01 we need to reverse it
Yes correct ...........
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