https://www.taxtmi.com/forum/issue?id=115165 ITC used for both exempt and taxable supplies must be reversed on a turnover basis for each tax period rather than by production ratio. Monthly reversals use that period's exempt turnover, with the preceding period's turnover applied if there are no sales. An annual computation reconciles monthly reversals and permits correction of excess availing or excess reversal when accounts are finalised. en-us Mon, 08 Jul 2019 23:39:54 +0530 Thu, 23 Jan 2025 15:55:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=115165 ITC used for both exempt and taxable supplies must be reversed on a turnover basis for each tax period rather than by production ratio. Monthly reversals use that period's exempt turnover, with the preceding period's turnover applied if there are no sales. An annual computation reconciles monthly reversals and permits correction of excess availing or excess reversal when accounts are finalised. Discussion-Forum GST Mon, 08 Jul 2019 23:39:54 +0530 https://www.taxtmi.com/forum/issue?id=115165