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ITC rule 43(1) d
Can anyone explain Rule 43(1)(d) with example. Thanks in advance.
Replies (1)
Rule 43(1)(d) is used to calculate the "Common Credit" for capital goods used in both taxable and exempt supplies. You find the monthly credit by dividing total ITC by 60, then multiply that by your exempt turnover ratio to determine the portion that must be reversed and added to your monthly output tax liability.
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