Goods and Services Tax – Started By: – LAKSHMINARAYANAN TR – Dated:- 1-3-2018 Last Replied Date:- 3-3-2018 – If more than one business vertical are under same GSTIN itself, while applying Rule 42 for ITC Reversal- Total Turnover of entire GSTIN to be taken or same can be split into segment wise also ? For ex:- Say, under one GSTIN there exists three Business Vertical – Hotel, Courier & Plastic. Hotel vertical has taxable and exempt supplies to calculate ITC Reversal for common input credit can we use the following Common ITC (of Hotel Vertical) * Exempted Supply in Hotel Vertical Total Supply of Hotel Vertical Or We have to consider the Total supply of all vertical (for the denominator) Experts advice Please. – Reply By Ganeshan Kalya
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00 (5% of 10000) OR10000*13L/30L = ₹ 4333/- + 500Experts advice please. – Reply By Ganeshan Kalyani – The Reply = turnover of plastic, hotel and courier division put together is ₹ 30 lacs.total common input tax credit is ₹ 10 thoudand.formula10,000 x 10 lacs ÷ 30 lacs = ₹ 3,333/- ( it means out of common credit of ₹ 10 thousand , ₹ 3,333/- is attributable to each division say, plastic, hotel and courier ₹ 3,333/- of plastic division is ineligible credit. ₹ 3,333/- of courier division is fully creditable .₹ 3,333/- of hotel division need further birfucate into tax attributable to taxable product and exempt product. Formula : 3,333 x 7 lacs ÷ 10 lacs = 2,333. Here, ₹ 2,
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