Reversal of Input tax
A business in course of business do various supplies both taxable & exempt, so my query is whether a person is required to reverse input in relation to that input also which are having no relation to those exempt supplies but are part of entity’s aggregated turnover
Answer the questionA 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
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
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.
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