https://www.taxtmi.com/circulars?id=66023 For deemed exports, tax paid is provided to recipients as ITC solely to enable portal refund claims; that ITC is not ITC under Chapter V, not subject to Section 17 restrictions, and is excluded from "Net ITC" for refund calculations. The proviso to clause (b) of sub section (5) of section 17 applies to the whole clause; "leasing" disallowance covers only motor vehicles, vessels and aircraft. Perquisites under employment contracts are not taxable supplies. Electronic credit ledger may discharge output tax but not reverse charge tax, interest, penalty or fees; electronic cash ledger may meet tax and other liabilities. en-us Fri, 02 Sep 2022 00:00:00 +0530 Fri, 25 Nov 2022 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=66023 For deemed exports, tax paid is provided to recipients as ITC solely to enable portal refund claims; that ITC is not ITC under Chapter V, not subject to Section 17 restrictions, and is excluded from "Net ITC" for refund calculations. The proviso to clause (b) of sub section (5) of section 17 applies to the whole clause; "leasing" disallowance covers only motor vehicles, vessels and aircraft. Perquisites under employment contracts are not taxable supplies. Electronic credit ledger may discharge output tax but not reverse charge tax, interest, penalty or fees; electronic cash ledger may meet tax and other liabilities. Circulars GST - States Fri, 02 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/circulars?id=66023