https://www.taxtmi.com/circulars?id=65798 Tax paid on supplies regarded as deemed exports has been made available as ITC solely to facilitate refund claims but is not ITC under Chapter V, thus not subject to Section 17 restrictions nor included in Net ITC for refund computations. The proviso to clause (b)(iii) of subsection (5) of Section 17 applies to the whole of clause (b). "Leasing" in the exclusion is limited to motor vehicles, vessels and aircraft. Perquisites under employment contracts are not taxable supplies. Electronic credit ledger may be used only for output tax (excluding reverse charge); electronic cash ledger covers tax, interest, penalties and other liabilities. en-us Tue, 02 Aug 2022 00:00:00 +0530 Tue, 09 Aug 2022 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=65798 Tax paid on supplies regarded as deemed exports has been made available as ITC solely to facilitate refund claims but is not ITC under Chapter V, thus not subject to Section 17 restrictions nor included in Net ITC for refund computations. The proviso to clause (b)(iii) of subsection (5) of Section 17 applies to the whole of clause (b). "Leasing" in the exclusion is limited to motor vehicles, vessels and aircraft. Perquisites under employment contracts are not taxable supplies. Electronic credit ledger may be used only for output tax (excluding reverse charge); electronic cash ledger covers tax, interest, penalties and other liabilities. Circulars GST - States Tue, 02 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/circulars?id=65798