ITC reversal for GST payable under RCM
Section 17(3) of the CGST Act requires reversal of input tax credit where input and input service is used for making exempt supplies. As per section 17(3) of CGST Act, the value of exempt supply shall include Supply where GST is payable on reverse charge basis – The supplier need to reverse input tax credit as he is not liable to pay tax on outward supplies and Tax is payable by the recipient of such supplies.
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from TaxGuru https://ift.tt/3hTCYak
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