ITC ON CAPITAL GOODS AND RULE 43 OF ITC REVERSAL
This query is : Resolved
22 March 2021
one transporter has purchased truck which is used for both taxable supply on forward charge basis & exempted supply. In such case first we have to take full credit in GSTR3B in the month of purchase of capital goods and then reversal of input credit need to be done as per rule 43 is it proper ?
22 March 2021
Yes, you have to claim ITC in the month of purchase of truck. Then you have to reverse such credit in next 60 months in the ratio of exempted supplies.
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