Home Forum Goods and Services Tax - GST Month 5 2022 2022 (5) This
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Rule 42 ITC reversal - Goods and Services Tax - GSTExtract There is a proviso in rule 42 - Provided further that where the registered person does not have any turnover during the said tax period or the aforesaid information is not available, the value of E/F shall be calculated by taking values of E and F of the last tax period for which the details of such turnover are available, previous to the month during which the said value of E/F is to be calculated. In my case , suppose I raise Exempt Invoice annually say for eg. November 2021 and during that month exempt to total turnover ratio is 95%. In other month during FY 2021-22 there is no exempt turnover but there is taxable turnover. So whether proviso to rule 42 will apply and for all months ITC to be reversed at 95% even when at annual level ratio comes at 60%?
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