https://www.taxtmi.com/article/detailed?id=8288 Reversal of input tax credit applies where supplies are used for both taxable and exempt activities: common ITC must be apportioned under Rule 42 using the ratio of exempt turnover to total turnover, with monthly computations subject to an annual reconciliation that adjusts any shortfall or excess for the financial year. en-us Mon, 17 Dec 2018 06:28:22 +0530 Mon, 17 Dec 2018 06:28:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8288 Reversal of input tax credit applies where supplies are used for both taxable and exempt activities: common ITC must be apportioned under Rule 42 using the ratio of exempt turnover to total turnover, with monthly computations subject to an annual reconciliation that adjusts any shortfall or excess for the financial year. Articles Goods and Services Tax - GST Mon, 17 Dec 2018 06:28:22 +0530 https://www.taxtmi.com/article/detailed?id=8288