Whether itc of exempt supply can be claimed with taxable supply..
I. E having two business
One is taxable and another is exempt
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whether itc can be claimed??
Replies (8)
no, itc can not be claimed if outward supply is exempt
No ITC cannot be taken in your case
Hope there is a provision for proportionate ITC Claim for Taxable & Exempt outward supplies.
There is Rule & Act in this regard:
Kindly refer Rule 42, & Section 17 CGST Act
Kindly refer Rule 42, & Section 17 CGST Act
Agreed
Thanks everyone
As per Rule 42, but common credit should be reversed to the extent exempted sales.
I also agree to views of Mr Murali.
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