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Necessity of Reversal of ITC on Goods & Services Used Exclusively For Exempt Supplies: A Legal Mystery !

September 11, 2019[2019] 109 78 (Article)
Input Tax Credit has always occupied an important place in the indirect taxes. Input tax credit in the erstwhile cenvat provisions was the backbone of the Cenvat Credit Rules. Similarly, the input tax credit is the backbone of the GST law, accordingly the scheme has been incorporated in the statute itself in such a way that all the enabling provisions such as eligibility, availment, limitation, apportionment, reversals, etc.
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