TaxTMI 
TaxTMI 
Common ITC reversal under GST
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....ommon ITC reversal under GST<br> Query (Issue) Started By: - Muthukumar Muthunarasimhan Dated:- 1-8-2022 Last Reply Date:- 5-8-2022 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>Dear Experts....
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...., As per ITC reversal of common input and input services and capital goods used for manufacturing taxable and exempted supplies by the manufacturer in one GSTIN. Apart from manufacturing turnover the....
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....re is some traded value of the same taxable products. My query pertains, as per formula of common ITC reversal , total turnover means inclusive of traded turnover should be included or excluded. Kind....
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....ly clarify. Reply By Amit Agrawal: The Reply: Under formula prescribed in Rule 42 & 43, 'F' is the total turnover in the State of the registered person during the tax period. Neither Section 17 (1)....
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.... & (2) nor above rules talks about separate calculations between manufacturing & non-manufacturing supplies OR business-segment wise calculations. So, total turnover - in the fact of your case - will....
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.... include value of supplies from trading as well as manufacturing activities. These are ex facie views of mine and the same should not be construed as professional advice / suggestion. Reply By Ganes....
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....han Kalyani: The Reply: Trading turnover also to be considered for the purpose of common credit calculation.<br> Discussion Forum - Knowledge Sharing ....