https://www.taxtmi.com/caselaws?id=419535 The AAR Karnataka ruled that an applicant engaged in both taxable supply of ink and exempted supply of rupee notes to RBI cannot seek advance ruling on ITC eligibility for common services under Section 97(2) of CGST Act, 2017. The authority held that ITC on common services used for both taxable and exempted supplies is governed by Section 17(2) read with Rule 42 of CGST Rules, 2017, requiring proportionate credit based on taxable turnover. For invoices accounted in FY 2019-20 but ITC claimed in FY 2020-21, the turnover of FY 2019-20 should be considered for calculating ineligible ITC under Rule 42. en-us Tue, 08 Mar 2022 00:00:00 +0530 Tue, 01 Apr 2025 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419535 The AAR Karnataka ruled that an applicant engaged in both taxable supply of ink and exempted supply of rupee notes to RBI cannot seek advance ruling on ITC eligibility for common services under Section 97(2) of CGST Act, 2017. The authority held that ITC on common services used for both taxable and exempted supplies is governed by Section 17(2) read with Rule 42 of CGST Rules, 2017, requiring proportionate credit based on taxable turnover. For invoices accounted in FY 2019-20 but ITC claimed in FY 2020-21, the turnover of FY 2019-20 should be considered for calculating ineligible ITC under Rule 42. Case-Laws GST Tue, 08 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419535