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of <h1>Rule 42 of CGST Rules 2017: Method for Determining and Reversing Input Tax Credit for Mixed-Use Inputs and Services.</h1> Rule 42 of the Central Goods and Services Tax Rules, 2017, outlines the method for determining and reversing input tax credit (ITC) for inputs or input services used partly for business and partly for other purposes, or for taxable and exempt supplies. It involves calculating the total input tax ('T') and segregating amounts for non-business use ('T1'), exempt supplies ('T2'), and non-creditable inputs ('T3'). The remaining credit ('C1') is adjusted for zero-rated supplies ('T4'), with common credit ('C2') determined. ITC for exempt supplies ('D1') and non-business use ('D2') is calculated, and the eligible credit ('C3') is finalized, with necessary reversals and declarations made in specified forms.
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