ITC FOR ASSETS

has to reverse ITC avail on capital goods on monthly basis the ITC attribute to exempted supply

Use following formula for same

1. Calculate monthly credit - ITC on capital ÷ 60, say C

2. Calculate ITC attributable to exempt supply -
C x Exempt Supply ÷ Total Supply for the month

3. Reverse the same for every month

4. Pay interest as well 😂

Check rule 43(c)