Goods and Services Tax – Started By: – HITESH DEDHIA – Dated:- 1-5-2018 Last Replied Date:- 2-5-2018 – Reversal of Common Input Tax Credit under GST is required for Exempted Supplies/Services. The Company has earned Interest on Loans & Advances/Deposit. Whether Interest income is considered as exempted for Calculation of Proportionate Exempted Sales to Taxable Sales. – Reply By DR.MARIAPPAN GOVINDARAJAN – The Reply = In my view it is not. It is applicable to the exempted supply of goods/ser
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