Compliances from ITC reversal in respect of stock in case of composition levy

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..... hall be calculated proportionately on the basis of corresponding invoices on which credit had been availed by the registered taxable person on such inputs. In respect of capital goods held in stock the input tax credit involved in the remaining useful life in months shall be computed on pro-rata basis, taking the useful life as 5 years . Assume capital goods have been in use for 4 years, 6 .....

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..... ch is a declaration for intimation of ITC reversal/payment of tax on inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods under Section 18(4) of GST Act , within a period of sixty days from the commencement of the relevant financial year. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management In .....

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