https://www.taxtmi.com/forum/issue?id=114819 Items in Schedule III are characterized as no supply transactions and, being outside the concept of "supply", should not be treated as exempt supply for purposes of input tax credit reversal under the Rules. Interest income is excluded from exempt supply for reversal except where it is generated as a routine part of taxable business. Recent statutory insertions clarify exclusion of Schedule III transactions (other than specific paragraph exceptions) from the value considered for exempt supply when computing ITC reversal. en-us Tue, 02 Apr 2019 12:41:30 +0530 Thu, 23 Jan 2025 15:55:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=114819 Items in Schedule III are characterized as no supply transactions and, being outside the concept of "supply", should not be treated as exempt supply for purposes of input tax credit reversal under the Rules. Interest income is excluded from exempt supply for reversal except where it is generated as a routine part of taxable business. Recent statutory insertions clarify exclusion of Schedule III transactions (other than specific paragraph exceptions) from the value considered for exempt supply when computing ITC reversal. Discussion-Forum GST Tue, 02 Apr 2019 12:41:30 +0530 https://www.taxtmi.com/forum/issue?id=114819