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Manner of determination of input tax credit in respect of inputs or input services and reversal thereof

Rule 7 - Final Rules (Draft) - Input Tax Credit - GST - Input Tax Credit - Final Draft Rules 18-5-2017 - Rule 7 - 7. (1) The input tax credit in respect of inputs or input services, which attract the provisions of sub-section (1) or sub-section (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 exempt supplies, shall be attributed to the p .....

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ffecting exempt supplies, be denoted as T2 ; (d) the amount of input tax, out of T , in respect of inputs and input services 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 intended to .....

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empt supplies, be denoted as D1 and calculated as: D1= (E÷F) × C2 where, E is the aggregate value of exempt supplies during the tax period, and F is the total turnover in the State 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 la .....

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if common inputs and input services are used partly for business and partly for non-business purposes, be denoted as D2 , and shall be equal to five per cent. of C2; and (k) the remainder of the common credit shall be the eligible input tax credit attributed to the purposes of business and for effecting supplies other than exempted supplies but including zero rated supplies and shall be denoted as C3 , where,- C3 = C2 - (D1+D2); (l) the amount C3 shall be computed separate .....

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