Input Tax Credit - Reg

[KIRAN KUMAR]

Dear Sir,

Our company deal with Taxable and Exempted Supplies and taxable Service. Please go through the below table.

Kindly provide the Input tax credit rules with following table examples

Particulars	Turnover	CGST	SGST	IGST
Out Put Service( Leasing of Plant)	2060000	185400	185400
Out Put Sales	2754274.024	150080.9	150080.9
Out Put Sales	348000	0	0	62640
Taxable Servic & Sales	5162274.024	335480.9	335480.9	62640
Exempted Sales	283518356.9
Total Turnover	288680630.9

AI Summary

Company Seeks Guidance on Input Tax Credit Rules Under GST for Mixed Supplies; Highlights Proportional ITC for Common Credits A company dealing with both taxable and exempted supplies seeks guidance on input tax credit (ITC) rules under GST. The discussion highlights that ITC should be claimed fully for credits related to taxable supplies, excluded for exempted supplies, and proportionately for common credits based on the value of taxable versus exempted supplies. Participants emphasize the need to consider inward supplies to determine ITC eligibility, noting that the company's data shows a high percentage of exempted supplies, suggesting limited ITC availability. Clarity on purchase data is advised to accurately calculate ITC.