https://www.taxtmi.com/forum/issue?id=117520 Whether reversal of input tax credit is required where a high sea sale is shown as an exempt sale. One position gives a proportionate reversal formula: D1 = E/F*C2 (D1 = ITC attributable to exempt supplies; E = aggregate value of exempted supplies; F = total turnover in the State; C2 = common credit). The alternative position treats high sea sales as a Schedule III item not constituting an exempt supply for reversal purposes, so no reversal is required. en-us Tue, 28 Sep 2021 06:28:04 +0530 Thu, 23 Jan 2025 15:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117520 Whether reversal of input tax credit is required where a high sea sale is shown as an exempt sale. One position gives a proportionate reversal formula: D1 = E/F*C2 (D1 = ITC attributable to exempt supplies; E = aggregate value of exempted supplies; F = total turnover in the State; C2 = common credit). The alternative position treats high sea sales as a Schedule III item not constituting an exempt supply for reversal purposes, so no reversal is required. Discussion-Forum GST Tue, 28 Sep 2021 06:28:04 +0530 https://www.taxtmi.com/forum/issue?id=117520