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ITC FOR ASSETS
What happens if one starts using an asset for exempt goods also for taxable goods?
Replies (1)
has to reverse ITC avail on capital goods on monthly basis the ITC attribute to exempted supply
Use following formula for same
1. Calculate monthly credit - ITC on capital ÷ 60, say C
2. Calculate ITC attributable to exempt supply -
C x Exempt Supply ÷ Total Supply for the month
3. Reverse the same for every month
4. Pay interest as well 😂
Check rule 43(c)
Use following formula for same
1. Calculate monthly credit - ITC on capital ÷ 60, say C
2. Calculate ITC attributable to exempt supply -
C x Exempt Supply ÷ Total Supply for the month
3. Reverse the same for every month
4. Pay interest as well 😂
Check rule 43(c)
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