https://www.taxtmi.com/circulars?id=66381 ITC of tax paid on supplies regarded as deemed exports is provided to recipients solely to facilitate refund claims and is not ITC under Chapter V; consequently it is not subject to section 17 restrictions and is excluded from "Net ITC" for computing refund of unutilised ITC. The proviso to section 17(5)(b) applies to the whole clause (b); "leasing" in section 17(5)(b)(i) refers only to motor vehicles, vessels and aircraft. Employer perquisites under contract are not supplies. Electronic credit ledger funds may be used for output tax but not reverse charge or other non tax liabilities; cash ledger may meet tax, interest, penalty and fees. en-us Thu, 14 Jul 2022 00:00:00 +0530 Fri, 09 Jun 2023 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=66381 ITC of tax paid on supplies regarded as deemed exports is provided to recipients solely to facilitate refund claims and is not ITC under Chapter V; consequently it is not subject to section 17 restrictions and is excluded from "Net ITC" for computing refund of unutilised ITC. The proviso to section 17(5)(b) applies to the whole clause (b); "leasing" in section 17(5)(b)(i) refers only to motor vehicles, vessels and aircraft. Employer perquisites under contract are not supplies. Electronic credit ledger funds may be used for output tax but not reverse charge or other non tax liabilities; cash ledger may meet tax, interest, penalty and fees. Circulars GST - States Thu, 14 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/circulars?id=66381