TaxTMI 
TaxTMI 
I am filing my RFD-01. The only sales i have are zero rated export sale and exempted Meis scrip sale.
My query is that do i include the MEIS license/scrip sale in my Adjusted total turnover.
Inclusion of meis license sale in Adjusted total turnover
19 May 2020 
5 Replies 
6112 Views Asked by
Adjusted total turnover exclusion for exempt MEIS scrip sales means such sales are excluded from turnover for refund claims.
Receipts from MEIS scrip sales are excluded from Adjusted Total Turnover because adjusted total turnover omits exempt supplies other than zero-rated supplies; MEIS scrip sales are treated as exempt/nil-rated. Practitioners note that proportional Input Tax Credit reversal is required under the ITC reversal mechanism, and they query whether reversal applies only to ITC attributable to MEIS sales or to overall ITC using the applicable reversal percentage. (AI Summary)
Receipts from MEIS scrip sales are excluded from Adjusted Total Turnover because adjusted total turnover omits exempt supplies other than zero-rated supplies; MEIS scrip sales are treated as exempt/nil-rated. Practitioners note that proportional Input Tax Credit reversal is required under the ITC reversal mechanism, and they query whether reversal applies only to ITC attributable to MEIS sales or to overall ITC using the applicable reversal percentage. (AI Summary)