hi
I have purchased materials and claimed ITC. These material supplied to SEZ unit customer with zero rate so my question is whether I should reverse claimed ITC asper section 42. pls clarify.
Menu
SEZ unit supply
Replies (3)
No..... Why........ Sale to Sez Unit As per Section 16 IGST Act is considered as Zero Rated sale Means EXPORT.
YOU HAVE CHARGE IGST on Bill to Sez Unit but cant collect IGST from Sez . The IGST charge to Sez can be claim as refund by Filing Rfd 01A .
Hence Rule 42 is not applicable as your Outward Supply is not Exempted, Non Business, Personal Use , so you can claim ITC on your inward Supply
Note : Dont get confused between Nil Rated & Zero Rated supply
YOU HAVE CHARGE IGST on Bill to Sez Unit but cant collect IGST from Sez . The IGST charge to Sez can be claim as refund by Filing Rfd 01A .
Hence Rule 42 is not applicable as your Outward Supply is not Exempted, Non Business, Personal Use , so you can claim ITC on your inward Supply
Note : Dont get confused between Nil Rated & Zero Rated supply
cleared thank u ji
u R alway welcome dear
Recent Topic
- Can i should STCG and LTCG as business income ?
- Capital contribution in Firm
- Form 3CD – Clause 20(b) | ESI Contribution &
- Capital Gains on Dissolution of Partnership
- GST Payment through DRC-03 by cash against notice
- Schedule EI for ITR1
- INCOME TAX DEPARTMENT: DOUBLE STANDARDS
- ITR-4,under presumptive Taxation
- TDS data mismatch with SFT
- Resale of under construction Residential Flat part
Related Topics
CAclubindia
