CONSULTEASE.COM

Sign In

Browse By

All QuestionsCategory: GST CompliancesReversal Of Input tax
Profile photo of Kanav gargKanav garg asked 4 months ago

Reversal Of Input tax

A business in course of business dodo vario supplies both taxable & exempt, so my query is whether a person is recquired to reverse input in relation to those input also which are having no relation to those exempt supplies ,but are part of entity’s aggregate turnover

Answer the question
3 Answers
Profile photo of Kanav gargKanav garg answered 4 months ago

A business in course of business do various supplies both taxable & exempt, so my query is whether a person is recquired to reverse input in relation to those input also which are having no relation to those exempt supplies ,but are part of entity’s aggregate turnover

Profile photo of Kanav gargKanav garg answered 4 months ago

A business in course of business do various supplies both taxable & exempt, so my query is whether a person is recquired to reverse input in relation to those input also which are having no relation to those exempt supplies ,but are part of entity’s aggregate turnover

Profile photo of Pranjal AgarwalPranjal Agarwal answered 4 months ago

Inputs specifically pertaining to taxable output supplies shall form part of Input Credit Ledger and Inputs specifically pertaining to non taxable output supplies or exempt supplies shall not form part of Input Credit Ledger. 
Only the common credit which pertains to both taxable and non taxable or exempt supply shall require reversal.
For any further inquiry, please feel free to connect at 8800753658.