How can we reverse the Input tax credit in undernoted case:
If ITC availed on capital goods purchased in October 2018 which is used for supply of both taxable and exempted goods but in June 2019 ,it is used exclusively for supply of exempted goods?
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ITC ON CAPITAL GOODS
Replies (3)
You have to reverse this ITC in 3B in table 4B.
sir want to know manner of computation of tax to reversed
you have to find the ratio of taxable supply and exempt supply monthly basis than praposnatly reduce the ITC which is claimed on such machinery used in both supply
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