| Rule 42: Reversal of
ITC on inputs/input services: |
|||||
| Indicator | Expalanation | IGST | CGST | SGST | Total |
| T | Total input tax paid credit on inputs and input services | 3,521,551 | 163,269 | 163,269 | 3,848,088 |
| T1 | Out of ‘T’ , the specific credit attributable to inputs/input services intended to be used for non-business purposes | - | - | - | - |
| T2 | Out of ‘T’, the amount of input tax attributable to inputs/input services intended to be used exclusively for effecting exempt supplies | - | 90 | 90 | 180 |
| T3 | Out of ‘T’, the amount of input tax deemed as ‘blocked credits’ under section 17(5) | - | - | - | - |
| C1 | ITC credited to electronic credit ledger (T-T1-T2-T3) | 3,521,551 | 163,179 | 163,179 | 3,847,908 |
| T4 | Specific credit on inputs/input services attributable exclusively for making taxable supplies. This would also include zero-rated supplies like exports and supplies to SEZ. | 3,521,551 | 136,214 | 136,214 | 3,793,979 |
| C2 | Common Credit (C1-T4) | - | 26,965 | 26,965 | 53,929 |
| D1 | The ITC attributable towards exempt supplies out of common credit {E/F}*C2 | - | 1,231 | 1,231 | 2,462 |
| D2 | Deemed to be ITC attributable for non-business purposes out of common credit {C2*5%) | - | - | - | - |
| C3 | Remaining eligible ITC out of common credit {C2-D1-D2} | - | 25,734 | 25,734 | 51,468 |
| T4+C3 | Eligible ITC for the month of January 2020 | 3,521,551 | 161,948 | 161,948 | 3,845,447 |
My Queries are on Rule 42 of GST
1. Should i calculate the D1 & D2 ITC if have T1 & T2 ITC?
2. In my above calculation, T1 ITC transcation is not there that is why i didn't calucate D2. Is it correct?
| Rule 43: Reversal of ITC on Capital Goods | |||||
| Indicator | Expalanation | IGST | CGST | SGST | Total |
| T | Total input tax paid credit on Capital Goods | 1,520,000 | |||
| A | Out of ‘T’ , the specific credit attributable to capital goodss used or intended to be used exclusively for non-business purposes or used or intended to be used exclusively for effecting exempt supplies or both | 170,000 | |||
| B | Out of ‘T’, the amount of input tax attributable to capital goods used or intended to be used exclusively for effecting supplies other than exempted supplies but including zerorated supplies (Taxable supplies includes zero rated supplies) | 900,000 | |||
| Tc | ITC credited to electronic credit ledger (T-A-B) (For 60 Months) | 450,000 | |||
| Tm | Amount of ITC attributable to a tax period (a month) on common capital goods during their useful life (Tc/60) | 7,500 | |||
| Te | The ITC attributable towards exempt supplies out of common credit {E/F}*Tm | 1,875 | |||
| Ts | Remaining eligible ITC out of common credit {Tm-Te} | 5,625 | |||
| B+Ts | Eligible ITC for the month of January 2020 | 905,625 | |||
And, Comes to Rule 43 of GST
1. In Total of A, should i include the ITC on capital which is blocked credit? For Eg: ITC on motor vehicle
2. Life of capital assest in gst shall consider for B to claim propriate ITC over the Life or sould be taken at time to the extent of output in a month?
3. Should i calculate 5% of common credit like as did in Rule 42?
CAclubindia
