AAR: Credit reversible on exempt by-product, including plastic bags used exclusively for its packing

Rajasthan AAR holds that applicant is eligible to claim ITC on raw cotton purchased from agriculturist paying 5% GST under reverse charge u/s 16; However, amount of credit shall be restricted to so much of the input tax that is attributable to the taxable supplies including zero-rated supplies as per Section 17(2) of the Act; States that, provision of apportionment of ITC u/s 17 of the GST Act will be applicable on by-product Cotton Seed Oil Cake; Clarifies that, as the Cotto...