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What is beggining of tax period-Rule 43(1)(f), Goods and Services Tax - GST

Issue Id: - 115440
Dated: 20-9-2019
By:- Nitin Arora
What is beggining of tax period-Rule 43(1)(f)

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Can anyone please clarify me that while calculating the ITC of capital goods attributable to exempt supplies through the formula (te=tr x e/t)

whether tr will include tm of capital goods at the beggining of the tax period whose useful life remains during the tax period


it will include tm of capital goods at the beggining+tm of capital goods acquired during the tax period also

Languge of Rule 43:- (f) the amount of input tax credit, at the beginning of a tax period, on all common capital goods whose useful life remains during the tax period, be denoted as Tr and shall be the aggregate of Tm for all such capital goods; please clarify

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1 Dated: 20-9-2019

Section 2 Definition :(106) “tax period” means the period for which the return is required to be furnished; Thus 'tax period' stands for quarterly or monthly.

At the beginning of tax period means opening balance of ITC amount for a month or quarter. In other words, closing balance of ITC amount during previous month or quarter as applicable.

This is my view.

2 Dated: 23-9-2019
By:- Nitin Arora

Thanx @kasturi sethi Sir


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