REVERSAL OF ITC
Query (Issue) Started By: – PAWANKUMAR GARG Dated:- 21-4-2018 Last Reply Date:- 28-5-2018 Goods and Services Tax – GST
Got 2 Replies
GST
SIR,
\n IN THE CASE OF RICE SHELLER I AM DOING JOB WORK OF PADDY MILLING AND RECEIVED MILLING CHAGES @10\/- PER QTL.AND PAID GST ON MILLING CHARGES.APART FROM MILLING CHARGES I RETAIN HUSK AND RICE BRAN AS PER AGREEMENT FREE OF COST. I AM PURCHASING MACHINERY PARTS FOR JOB WORK.PLEASE REPLY MY FOLLOWING QUESTIONS.
\n1. WHEATHER I HAVE TO PAY TAX ON JOB WORK CHARGES ON RS.10\/-ONLY OR BY ADDING VALUE OF GOODS RETAINED BY ME ESPECIALLY WHEN I HAVE ALREADY PAID TAX ON RICE BRAN.
\n2. CAN I CLAIM FULL ITC ON MACHINERY PARTS WITHOUT REVERSAL.
\n3 CAN I CLAIM ITC OF CAPITAL GOODS IN THE CA<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n s to be done. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" REVERSAL OF ITC Query (Issue) Started By: – PAWANKUMAR GARG Dated:- 21-4-2018 Last Reply Date:- 28-5-2018 Goods and Services Tax – GSTGot 2 RepliesGSTSIR, IN THE CASE OF RICE SHELLER I AM DOING JOB WORK OF PADDY MILLING AND RECEIVED MILLING CHAGES @10\/- PER QTL.AND PAID GST ON MILLING CHARGES.APART FROM MILLING CHARGES I RETAIN … Continue reading “REVERSAL OF ITC”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-11512","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11512"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11512\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nThis is my interpretation.
\nAlso read Circular No. 19\/19\/2017-GST, dated 20-11-2017 along with relevant notifications mentioned in the circular.
\nReply By VENKATARAMANAN NATARAJAN:
\nThe Reply:
\nSir,
\nFor Q.1 the value of Husk and rice bran is to be added for the consideration need not only be in money and even non monetary consideration is to be valued in terms of money and subject to tax.
\nFor Q2. You are entitled to Input tax credit on the capital goods that is on Machinery.
\nFor Q3 There is close proximity between the goods processed and the machinery Rice Sheller. Therefore You are entitled to ITC on Rice Sheller also
\nFor Q 4 It is a matter of calculation of the tax. Any way my reply may be viewed not as a final one but i<\/p>\n
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