Eye Share: Necessity of ITC Reversal on Goods/Services Used Exclusively for 'Exempt Supplies' - A Legal Mystery!

Sep 06,2019

Input Tax Credit (ITC) was the backbone of the erstwhile indirect tax regime and is equally so in the present GST regime as well. Certain criterion for eligibility and availment of ITC and restrictions pertaining to the same have been incorporated in the GST legislation itself.Mr. Chirag Jain (Partner, Indirect Taxes, Ashok Harkawat & Co., Chartered Accountants) along with Ms. Shuchi Sethi (CA) makes an interesting observation that when one digs i...

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