sir my question is...if a person purchased a capital good and used it for both personal and business purpose from the beginning...and he does not have any exempt supplies also...in such a case how to apportion itc..?
for eg: I am a model registered under gst and I have taxable t/o of 4800000...now I purchased a camera in abroad by paying 500000 and IGST of rs 90000 and this camera is being used for both business and personal purpose..
As per Para 4 Schedule 2 any business asset used for private use without any consideration is considered as supply of Services in GST ,
Hence It's Taxable , now the value to determine without consideration , the Rule 27 of CGST Act follow , The Open Market Value & if the open market value is not available then be the value of supply of services of like kind & quality.
So as per above valuation Rule we can determine the value of supply used in personal purpose & can apply the above formula for reversal of ITC
As the gst rules 5% of eligible is deemed towards non business purposes irrespective of actual usage following is the extract:
Are used partly for business and partly for non-business purposes, be denoted as â€˜D2â€™, and shall be equal to five per cent. of C2; and