Karnani FNB Specialities LLP ., In re
Date: February 9, 2023
Subject Matter
ITC to the extent of turnover that relates to sale of alcoholic liquor for human consumption needs to be reversed
Summary
Question: Whether or not the applicant is obliged to reverse input tax credit ( „ ITC‟) under Section 17(2) of the CGST Act read with Rule 42 of the Central Goods and Services Tax Rules, 2017 ("CGST Rules"), in view of the sale of alc…
1.1 At the outset, we would like to make it clear that the provisions of the Central Goods and Services Tax Act, 2017 (the CGST Act, for short) and the West Bengal Goods and Services Tax Act, 2017 (the WBGST Act, for short) have the same provisions in like matter except for certain provisions. Therefore, unless a mention is specifically made to such dissimilar provisions, a reference to the CGST A…