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Manner of determination of input tax credit in certain cases and reversal thereof

Rule 7 - Input Tax Credit - Goods and Services Tax - Rule 7 - 7. (1) The input tax credit in respect of inputs or input services, which attract the provisions of sub-sections (1) or (2) of section 17, being partly used for the purposes of business and partly for other purposes, or partly used for effecting taxable supplies including zero rated supplies and partly for effecting exempted supplies, shall be attributed to the purposes of business or for effecting taxable supplies in the following ma .....

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on which credit is not available under sub-section (5) of section 17, be denoted as T3 ; (e) the amount of input tax credit credited to the electronic credit ledger of registered person, be denoted as C1 and calculated as: C1 = T- (T1+T2+T3); (f) the amount of input tax credit attributable to inputs and input services used exclusively in or in relation to taxable supplies including zero rated supplies, be denoted as T4 ; (g) T1 , T2 , T3 and T4 shall be determined and declared by the registered .....

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l turnover of the registered person during the tax period: Provided 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 calculated by taking values of E and F of the last tax period for which details of such turnover are available, previous to the month during which the said value of E/F is to calculated; Explanation: For the purposes of this clause, the aggregate value of exempt supplies and .....

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attributed to the purposes of business and for effecting taxable supplies including zero rated supplies and shall be denoted as C3 , where,- C3 = C2 - (D1+D2); (l) The amount C3 shall be computed separately for input tax credit of central tax, State tax, Union territory tax and integrated tax; (m) The amount equal to D1 and D2 shall be added to the output tax liability of the registered person: Provided that if the amount of input tax relating to inputs or input services which have been used par .....

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