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Manner of reversal of credit under special circumstances

Rule 9 - Final Rules - Input Tax Credit - Goods and Services Tax - Rule 9 - 9. (1) The amount of input tax credit relating to inputs held in stock, inputs contained in semifinished and finished goods held in stock, and capital goods held .....

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n stock, the input tax credit shall be calculated proportionately on the basis of corresponding invoices on which credit had been availed by the registered taxable person on such input; (b) for capital goods held in stock the input tax cre .....

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emaining life in months= 5 months ignoring a part of the month Input tax credit taken on such capital goods= Ç Input tax credit attributable to remaining useful life= C multiplied by 5/60 (2) The amount, as pr .....

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nt under sub-rule (1) based on the prevailing market price of goods on the effective date of occurrence of any of the events specified in sub-section (4) of section 18 or, as the case may be, sub-section (5) of section 29. (4) The amount d .....

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