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

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..... ct 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 purposes of business or for effecting taxable supplies in the following manner, namely,- (a) total in .....

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..... amount of input tax credit attributable to inputs and input services intended to be used exclusively for effecting supplies other than exempted but including zero rated supplies, be denoted as T 4 ; (g) T 1 , T 2 , T 3 and T4 shall be determined and declared by the registered person at the invoice level in FORM GSTR-2; (h) input tax credit left after attribution of input tax c .....

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..... lculated; Explanation: For the purposes of this clause, the aggregate value of exempt supplies and total turnover shall exclude the amount of any duty or tax levied under entry 84 of List I of the Seventh Schedule to the Constitution and entry 51 and 54 of List II of the said Schedule. (j) the amount of credit attributable to non-business purposes if common inputs and input services ar .....

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..... oses other than business and partly for effecting exempt supplies has been identified and segregated at invoice level by the registered person, the same shall be included in T 1 and T 2 respectively, and the remaining amount of credit on such inputs or input services shall be included in T 4 . (2) The input tax credit determined under sub-rule (1) shall be calculated finally for the f .....

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..... ding financial year till the date of payment; or (b) where the aggregate of the amounts determined under sub-rule (1) in respect of D 1 and D 2 exceeds the aggregate of the amounts calculated finally in respect of D 1 and D 2 , such excess amount shall be claimed as credit by the registered person in his return for a month not later than the month of September following the end of .....

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