TaxTMI 
TaxTMI 
Rule 42 computation
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....ule 42 computation<br> Query (Issue) Started By: - Vs Murthy Dated:- 13-5-2021 Last Reply Date:- 16-5-2021 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>As pr section 17 (2) -Where the goods....
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.... or services or both are used by the registered person partly for effecting taxable supplies including zero-rated supplies under this Act or under the Integrated Goods and Services Tax Act and partly ....
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....for effecting exempt supplies under the said Acts, the amount of credit shall be restricted to so much of the input tax as is attributable to the said taxable supplies including zero-rated supplies. ....
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....Please refer the use of registered person in this section implying that if in a GST registration, both exempt and taxable supply exist , then rule 42 needs to be applied. It is pertinent to note that....
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.... rule 42 of CGST Rules, 2017 allows a registered person to avail complete credit of taxes paid where the same is used only for effecting a taxable supply, in such scenario, while calculating total tu....
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....rnover for the tax period , do the need to exclude turnover for which exclusive credit is available? Reply By Shilpi Jain: The Reply: U will consider all common credit. However in total turnover u w....
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....ill have to consider entire turnover irrespective of whether it is a taxable or exempt supply Reply By KASTURI SETHI: The Reply: I concur with the views of Madam Shilpi Jain.<br> Discussion Forum - ....
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....Knowledge Sharing ....