MEIS Scrip

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....EIS Scrip<br> Query (Issue) Started By: - Kaustubh Karandikar Dated:- 28-5-2020 Last Reply Date:- 29-5-2020 Goods and Services Tax - GST<br>Got 4 Replies<br>GST<br>XYZ had obtained MEIS licence and th....

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....e same is used for payment of customs duty. In financials, they had considered it as income under head other revenues - Export Incentives. 1) Is ITC required to be reversed on it. 2) Is it required ....

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....to be shown anywhere in GSTR - 1 or GSTR - 3B? Reply By YAGAY andSUN: The Reply: Since, you have not sold MEIS but used in paying off customs duty through it therefore in our view, there is no requi....

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....rement to reverse the ITC. Reply By Ganeshan Kalyani: The Reply: The element of supply is absent in this case. Hence, GST is not applicable. Reply By Ganeshan Kalyani: The Reply: In my view, reve....

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....rsal of ITC is also not required. Reply By KASTURI SETHI: The Reply: I support the views of both experts. It being out of GST, not required to be shown in GSTR-1 and GSTR 3B.<br> Discussion Forum - ....

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