Input tax credit clarifications: deemed export credit excluded from Section 17 rules and ledger use limited to output tax. Tax paid on supplies regarded as deemed exports is made available as ITC solely to enable portal refunds and is not ITC under Chapter V; thus it is not subject to Section 17 restrictions nor included in 'Net ITC' for refund computations. The proviso to clause (b) of sub section (5) of Section 17 applies to the whole clause, and 'leasing' in that clause means leasing of motor vehicles, vessels and aircraft only. Employer perquisites under employment contracts are not supplies for GST. Electronic credit ledger funds can pay output tax (excluding reverse charge and non tax liabilities); electronic cash ledger funds may pay tax, interest, penalty, fees and other liabilities.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit clarifications: deemed export credit excluded from Section 17 rules and ledger use limited to output tax.
Tax paid on supplies regarded as deemed exports is made available as ITC solely to enable portal refunds and is not ITC under Chapter V; thus it is not subject to Section 17 restrictions nor included in "Net ITC" for refund computations. The proviso to clause (b) of sub section (5) of Section 17 applies to the whole clause, and "leasing" in that clause means leasing of motor vehicles, vessels and aircraft only. Employer perquisites under employment contracts are not supplies for GST. Electronic credit ledger funds can pay output tax (excluding reverse charge and non tax liabilities); electronic cash ledger funds may pay tax, interest, penalty, fees and other liabilities.
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