https://www.taxtmi.com/acts?id=24183 Input tax credit is apportioned by partitioning total input tax into exclusive non-business, exclusive exempt, non-creditable and supplies-other-than-exempt components to compute ledger credit C1; remaining common credit C2 is prorated so exempt-attributable D1 is (exempt turnover / total turnover)xC2, non-business D2 equals five percent of C2, and eligible business credit C3 equals C2 minus D1 and D2, with invoice-level declaration in FORM GSTR-2 and annual finalisation requiring reconciliation and adjustment to output liability or credits. en-us Mon, 03 Apr 2017 13:07:18 +0530 Fri, 19 May 2017 14:33:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=24183 Input tax credit is apportioned by partitioning total input tax into exclusive non-business, exclusive exempt, non-creditable and supplies-other-than-exempt components to compute ledger credit C1; remaining common credit C2 is prorated so exempt-attributable D1 is (exempt turnover / total turnover)xC2, non-business D2 equals five percent of C2, and eligible business credit C3 equals C2 minus D1 and D2, with invoice-level declaration in FORM GSTR-2 and annual finalisation requiring reconciliation and adjustment to output liability or credits. Act-Rules Bills Mon, 03 Apr 2017 13:07:18 +0530 https://www.taxtmi.com/acts?id=24183