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ITC reversal u/s 42 for high sea sale shown as exempted sale

Rajesh Kumar

Sir/ madam

please guide when an assesse has high sea sale as exempted sale shown in 3B return. Is he liable to reverse itc under section 42 for this sale? What will the formula for this reversal only for this exempted sale ?

No ITC reversal needed for high sea sales as they aren't exempt supplies under section 17(3) CGST Act. An individual inquired about the need to reverse input tax credit (ITC) under section 42 for high sea sales shown as exempted sales in a GST return. Kasturi Sethi provided a formula for ITC reversal, while Shilpi Jain clarified that high sea sales, being a Schedule III item, are not considered exempt supplies under section 17(3) of the CGST Act, thus no ITC reversal is required. Kasturi Sethi agreed with Shilpi Jain's interpretation. (AI Summary)
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