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of <h1>Rule 42 CGST: Method for Allocating and Reversing ITC for Mixed Use Inputs and Services Explained.</h1> Rule 42 of the CGST Rules outlines the method for determining and reversing Input Tax Credit (ITC) for inputs and input services used partly for business and non-business purposes, as well as for taxable and exempt supplies. The process involves calculating ITC credited to the electronic ledger (C1), determining common credit (C2), and apportioning ITC to exempt supplies (D1) and non-business purposes (D2). The remaining eligible ITC (C3) is used for business purposes and taxable supplies. Final calculations must be completed by September following the financial year, with any excess reversed or claimed, and interest payable on excess amounts. Special provisions apply to construction projects, particularly those commencing after July 2017.
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