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of <h1>Rule 44: Reversing Input Tax Credit for Goods and Capital Items Using Invoices or Market Estimates Under GST.</h1> Rule 44 of the Central Goods and Services Tax Rules, 2017 outlines the method for reversing input tax credit under specific circumstances. It specifies that input tax credit for stock inputs, semi-finished and finished goods, and capital goods should be calculated based on corresponding invoices and the remaining useful life of capital goods, respectively. If invoices are unavailable, estimates should be based on market prices. The calculated amounts must be included in the output tax liability and reported in specified GST forms. Certification by a chartered or cost accountant is required for details furnished under certain conditions.
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