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of <h1>New Rules for Reversing Input Tax Credit Under GST Sections 18(4) and 29(5): Key Methods Explained</h1> The rules outline the method for reversing input tax credit (ITC) under specific circumstances, as per sections 18(4) and 29(5) of the GST Act. For stock inputs and goods, ITC is calculated based on corresponding invoices. For capital goods, ITC is determined on a pro-rata basis over a five-year useful life. If invoices are unavailable, estimation is based on market prices. The determined amount becomes part of the output tax liability and must be reported in specified GST forms. Certification by a chartered or cost accountant is required for estimated amounts. Separate calculations are made for integrated and central taxes.
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