TaxTMI 
TaxTMI 
TaxTMI 
ITC Reversal
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....TC Reversal<br> Query (Issue) Started By: - Puneet Arora Dated:- 18-4-2018 Last Reply Date:- 2-5-2018 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>Hi Sir I want to know some queries:- Hello Sir We have exported with 0 rated supply & we have received some exempted income like, Duty Draw Back, MEIS Licences, & SAD refund our query is what we will reverse the proportionate input tax ....
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....credit again exempted income received , Duty drwa back, SAD REFUND , Licences. Puneet Reply By KASTURI SETHI: The Reply: These are not exempted. Refund and drawback become due on account of export and tax already paid at the time of export on goods or inputs contained in final products exported. Reply By Puneet Arora: The Reply: Which Section we will not reversed the ITC Reply By Susheel ....
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....Gupta: The Reply: Dear Puneet Duty draw back and SAD refund is actually refund of duties already paid by you as correctly replied by Kasturi Sir Sale of MEIS Licences have been exempted from tax vide Notification No. 35/2017-Central Tax (Rate) Hence u will have to reverse proportionate ITC Regards CA Susheel Gupta 8510081001, 9811004443 Reply By Ganeshan Kalyani: The Reply: I endorse the v....
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....iews of the experts. Reply By Brijesh Verma: The Reply: MEIS/SEIS scrips are made available as an export incentive under FTP. None of your input/input service can be attributable directly to earning such income (scrips). Rule 42 doesn't mandate such reversal. Rather, since a one-to-one correlation is available i.e. you can easily prove that all your inputs and input services are having a di....
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....rect nexus with your taxable activity, there would be no requirement of reversal of any amount in respect of scrips. Basically, they are earned without incurring any expense particularly for such earning. Comments are welcome.<br> Discussion Forum - Knowledge Sharing ....