Taxpayer missed ITC reversal on Exempt supplies, Rs 1.43 crore recovered by CGST Commissionerate

Taxpayer missed ITC reversal on Exempt supplies, Rs 1.43 crore recovered by CGST Commissionerate The CGST Commissionerate in Indore has filed a big case against a taxpayer who provided both taxable and exempted supplies but did not reverse appropriate Input Tax Credit [ITC]. So far, a total of Rs.1.43 crore has been recovered. More research is being carried out. [caption id="attachment_113356" align="alignnone" width="1280"] Taxpayer missed ITC reversal on Exempt supplies, Rs 1.43 crore recovered by CGST Commissionerate[/caption] You May Also Refer: CGST Thane busted fake GST Input Tax Credit racket worth Rs.22 crores As per Section 17 of the CGST Act, one can only take ITC in case our output supply is taxable. No ITC is available in case out output supply is exempt from Tax.