Dear All,
I have query related ITC reversal that can we add Non taxable Export sale while calculating Reversal Value.
Which option can I choose for Calcualting Reversal, Please Suggest-
1. ITC*Exempted/Total Sale
2. ITC*( Exmpted + Non taxable Export)/Total Sale
Or, If am I wrong please tell us the calculation.
Thanks in Advance.
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Reversal as per 42 & 43 of CGST Rule
Replies (1)
Total turnover-Exempted turnover Taxable turnover- ITC related export turnover
Non taxable export turnover+ITC related turnover= Total Export turnover
Total reported export turnover-Total export turnover=Reversal export turnover
Non taxable export turnover+ITC related turnover= Total Export turnover
Total reported export turnover-Total export turnover=Reversal export turnover
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