ITC reversal on exempted income in GSTR-9

[Archna Gupta]

Dear Experts

I have reviewed earlier discussions on itc reversal on interest income but still have queries on other incomes which have no connection with my business, then whether we have to show and where we have to show these incomes in GSTR-9.

1. Rental residential income- I know this is exempted but whether itc reversal is required even if no connection with business and whatever itc is claimed is GSTR-3B, nothing is spent in earning rental income.

2. Dividend- Is this actionable claim and will be shown in Non GST supply? Any reversal of ITC required?

3. Pension income from LIC under pension scheme- what type of supply is this? Any effect on ITC?

4. Capital gain from non business assets?

Please reply on the above queries in view of GSTR-9.

Best regards

Archna Gupta

AI Summary

Clarification on ITC reversal: Rental income exempt, dividends non-GST, pension no impact, capital gains taxable under SAC 999594. An individual inquired about the treatment of various incomes in the context of ITC reversal in GSTR-9, specifically regarding rental income, dividends, pension income, and capital gains from non-business assets. An expert responded that no ITC reversal is needed for rental income, dividends are considered actionable claims and shown under non-GST supply, and pension income has no impact on ITC. The discussion on capital gains required further clarification, particularly regarding the sale of non-business assets, which was noted to be taxable under SAC 999594.