TaxTMI 
TaxTMI 
TaxTMI 
ITC claim on preservative used in taxable and exempted goods
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....TC claim on preservative used in taxable and exempted goods<br> Query (Issue) Started By: - S.C. WADHWA Dated:- 29-11-2022 Last Reply Date:- 11-12-2022 Goods and Services Tax - GST<br>Got 4 Replies<br....
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....>GST<br>Dear Expert, We are using preservatives for manufacturing food items in taxable as well as exempted goods. Please suggest formula to claim ITC on purchase/consumption of preservative. REGARD....
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....S, WADHWA Reply By Amit Agrawal: The Reply: Kindly refer to Section 17 (2) & 17 (3) of the CGST Act, 2017 read with Rule 42 & 43 of the CGST Rules, 2017. Reply By Ganeshan Kalyani: The Reply: Tax....
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....able supply turnover / Sum of taxable and exempt supply turnover X ITC on preservative used commonly = eligible ITC. Balance ITC pertains to exempt supply which you should in 3B. Reply By Shilpi Ja....
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....in: The Reply: In case you are able to identify at invoice level the quantum of preservative used for taxable and exempt, to the extent of the preservative used in exempt alone the reversal of credit....
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.... need to be done. refer rule 42(1)(m). Reply By Shilpi Jain: The Reply: Thus it is not necessary that in all cases the expenses have to be considered as common ITC and hence reversal need not always....
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.... be done on the basis of turnover. This proposition you can test in your specific facts and see what is beneficial and apply accordingly.<br> Discussion Forum - Knowledge Sharing ....