https://www.taxtmi.com/forum/issue?id=116301 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. en-us Tue, 19 May 2020 13:13:43 +0530 Thu, 23 Jan 2025 15:54:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=116301 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. Discussion-Forum GST Tue, 19 May 2020 13:13:43 +0530 https://www.taxtmi.com/forum/issue?id=116301