ITC Reversal - Rule 42
This query is : Resolved
29 June 2021
Hi,
In Rule 42 of GST
D2=The amount of credit attributable to non-business purposes if common inputs and input services are used partly for business and partly for non-business purposes and shall be equal to 5% of C2 and calculated as D2=C2×5%
In our case we don't have any non business purpose activities. So i need to calculated the 5% of C2 or the 5% reversal not applicable to me
Please clarify
In Rule 42 of GST
D2=The amount of credit attributable to non-business purposes if common inputs and input services are used partly for business and partly for non-business purposes and shall be equal to 5% of C2 and calculated as D2=C2×5%
In our case we don't have any non business purpose activities. So i need to calculated the 5% of C2 or the 5% reversal not applicable to me
Please clarify
29 June 2021
Yes, reversal not applicable to you.
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