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of <h1>Rule 44: How to reverse input tax credit for inputs, stock and capital goods with pro rata five-year method</h1> Rule 44 prescribes how to reverse input tax credit (ITC) in specified events: for inputs and goods in stock, ITC is apportioned proportionately based on the invoices on which credit was claimed; for capital goods, ITC attributable to remaining useful life is computed pro rata assuming a five-year life (months rounded down). Central, State/UT and integrated tax components are computed separately. If invoices are unavailable, the taxpayer estimates ITC using prevailing market prices and must certify such estimates by a practicing chartered or cost accountant. The reversed amount becomes output tax liability and is reported in prescribed GST forms; capital goods reversals exceeding tax on transaction value are reported in returns.
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