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of <h1>Section 18(6) CGST Act: Pay Higher of ITC Minus 5%/Quarter or Tax on Transaction Value for Capital Goods.</h1> Under Section 18(6) of the CGST Act, when capital goods on which Input Tax Credit (ITC) has been claimed are supplied, the registered person must pay the higher of either the ITC taken minus 5% per quarter or the tax on the transaction value as determined under Section 15. For items like refractory bricks and jigs supplied as scrap, tax is based on transaction value. The reversal of ITC for capital goods is calculated on a pro-rata basis over a five-year useful life. The reversal amount is computed separately for different tax types and reported in specific GST forms, depending on the circumstances.
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