Question
The Supply in the month of June is as under:
Regular Supply
Export Supply 45000048
Taxable Supply 2239777
Exempt Supply 20507608
Total Supply of A 67747433
Reverse Charge Supply
Freight for export 1292500
Freight inward supply 275629
Freight out ward supply 524980
Total Supply of B 2093109
Query for Rule 42 (1) ( i ) of CGST Rules is that Exempt Turnover shall be
Rs,20507608 or Rs.22600717 including reverse charge supply. Sec.17(3) of CGST
including reverse charge supply for determination of exempt supply under section
17(2).
Other query is that Total input tax credit shall include input tax calculated on
reverse charge supply for the purpose of rule 42 of CGST Act.
Answer
There are some confusion in your question, before
reply we are making as simple as follows:
Export supply 3 lakhs
Taxable supply 2 lakhs
Exempt supply 2 lakhs
Freight is paid as follows:
Export freight 20000/-
Freight inward 30000/-
Freight outward 20000/-
Now the question is what is the value of supply for calculating reversal of
credit u/s 17.
The value of supply taxable + Zero rated = 5 lakhs
Exempt supply = 2 lakhs
Total supply = 7 lakhs
The ITC will be reversed in the ratio of 2/7 on common Inputs, Input services
and Capital goods.
Please note freight paid by you whether on Export, Inward domestic supply and
Outward domestic supply are not to be included in total turnover.
The turnover shall be calculated as per section 15.
The ITC will be available on freight. (Reply dt.20/07/2018)