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GST - Highlights / Catch Notes

Home Highlights July 2021 Year 2021 This

Availment and utilisation of input tax credit (ITC) - where ...

GST

July 14, 2021

Availment and utilisation of input tax credit (ITC) - where common credit on inputs or input services partly used for effecting taxable supplies and partly for effecting exempt supplies are availed the eligible input tax credit shall be calculated as per the formula prescribed in Rule 42 of the CGST Rules, 2017 and the common credit pertaining to exempt supplies calculated as per the said formula shall be reversed. - AAR

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