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Treatment of ITC pertaining to MEIS scripts
My client is engaged in export of cashew kernels which is a zero rated supply. In relation to said export, the client is in receipt of MEIS scriptts from the Government which is linked to the exports made. The further supply of MEIS scriptts is exempted from GST. The query is whether input tax credit has to be reversed with regards to supply of MEIS scriptts or should be treated similar to exports for GST purpose.
Replies (1)
Yes .... need to be reversed.
As sale of MEIS Script in term of Notification 35/2017 CT (r) is Nil Rated . And in term of Section 17(2) need to reverse the ITC .
As sale of MEIS Script in term of Notification 35/2017 CT (r) is Nil Rated . And in term of Section 17(2) need to reverse the ITC .
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