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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Rules for Calculating Input Tax Credit: Separate Business and Non-Business Use, Adjustments Required Annually</h1> The statutory provision outlines the method for determining and reversing input tax credit (ITC) for inputs or input services used partly for business and non-business purposes, or for taxable and exempt supplies. It defines various components such as total input tax ('T'), and portions attributable to non-business ('T1'), exempt supplies ('T2'), and non-creditable items ('T3'). The eligible ITC ('C3') is calculated by deducting amounts for exempt supplies ('D1') and non-business purposes ('D2') from common credit ('C2'). The rule mandates final ITC calculations by the financial year's end, with adjustments affecting output tax liability or credit claims.
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