AAR: Exclude Duty Credit Scrips from Exempted Supply for Computing GST ITC Reversal

The Authority for Advance Ruling (AAR), Telangana recently made the announcement stating that Duty Credit Scrips should not be considered as part of the value of exempt supply when calculating GST Input Tax Credit (ITC) reversal. The ruling came in response to an application filed by  M/s. Kaveri Exports  is a company involved in exporting cotton lint and fully pressed cotton bales.…