There are three types of Input Tax Credit available on hand. ITC specific to Taxable supply, Exempt supply, Common supply respectively.
Can we claim ITC specific to Taxable supply and proportionate part of common ITC as given in rule 42.
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Common ITC
Replies (1)
Yes you can claim the ITC specific to taxable supply subject to fulfillment of Section 16 of CGST Act 2017 unless its blocked credit u/s 17.
Proportionate ITC can be claimed of Common ITC according to rule 42 (Such as Audit fees or retainership fees or legal fees which is common for business)
Proportionate ITC can be claimed of Common ITC according to rule 42 (Such as Audit fees or retainership fees or legal fees which is common for business)
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