9911796707
TMI BlogManner of determination of input tax credit in respect of inputs or input services and reversal thereofX X X X Extracts X X X X X X X X Extracts X X X X ..... sions 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 input tax involved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t services intended to be used exclusively for effecting supplies other than exempted but including zero rated supplies, be denoted as 'T4'; (g) 'T1', 'T2', 'T3' 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 credit under clause (g) shall be called common credit, be denoted as 'C2' a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 are used partly for business and partly for non-business purposes, be denoted as 'D2', and shall be equal to five per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all be included in 'T1' and 'T2' respectively, and the remaining amount of credit on such inputs or input services shall be included in 'T4'. (2) The input tax credit determined under sub-rule (1) shall be calculated finally for the financial year before the due date for furnishing of the return for the month of September following the end of the financial year to which such credit relates, in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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