Respected sir/ madam,
Please inform as per the provisions of Rule 42, the proportionate reversal of ITC to be done on monthly basis and at the end of the financial year , yearly calculation also to be done. Accordingly, ITC reversal or re credit can be done.
Is there any provision under Rule 43 for yearly calculation also Or only monthly calculation proposed?
Rule 43 GST: Monthly Input Tax Credit Reversal Only, No Annual Recalculation Required A participant inquired about the provisions of Rule 43 concerning the Goods and Services Tax (GST), specifically questioning whether it requires yearly calculations for Input Tax Credit (ITC) reversal, similar to Rule 42. The response clarified that Rule 43 mandates only monthly calculations and reversals, with no requirement for annual recalculations. (AI Summary)
TaxTMI 
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TaxTMI 
