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capital goods
rule 43 explanation
Replies (4)
CALCULATION of Input Tax Credit Reversal when Capital Goods Used In supply of both exempted supply & taxable supply
Calculate monthly credit - ITC ÷ 60, say X
2. Calculate ITC attributable to exempt supply - X x Exempt Supply ÷ Total Supply for the month
3. Reverse the same for every month
4. Pay interest as well 😂
Calculate monthly credit - ITC ÷ 60, say X
2. Calculate ITC attributable to exempt supply - X x Exempt Supply ÷ Total Supply for the month
3. Reverse the same for every month
4. Pay interest as well 😂
why interest??
As u have claim full ITC when capital goods being purchased & u where liable for ITC attributes to exempted sale., moreover its by law
sir there is a confusion there because in clause (a) of rule 43
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