https://www.taxtmi.com/forum/issue?id=117050 Rule 43 mandates turnover based apportionment of input tax credit on capital goods used for both taxable and exempt supplies; if full ITC is availed it must be reversed for the exempt proportion over a 60 month period with interest. Alternatively, taxpayers may claim only the taxable use proportion initially without penalty if the claim is correct. Excess ITC must be self reversed with interest and ITC availment should be certified annually by a cost accountant. Under claiming may risk forfeiture of subsequently discovered additional entitlement, although some argue no time limit exists to re avail credit. en-us Mon, 01 Mar 2021 18:42:12 +0530 Thu, 23 Jan 2025 15:54:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117050 Rule 43 mandates turnover based apportionment of input tax credit on capital goods used for both taxable and exempt supplies; if full ITC is availed it must be reversed for the exempt proportion over a 60 month period with interest. Alternatively, taxpayers may claim only the taxable use proportion initially without penalty if the claim is correct. Excess ITC must be self reversed with interest and ITC availment should be certified annually by a cost accountant. Under claiming may risk forfeiture of subsequently discovered additional entitlement, although some argue no time limit exists to re avail credit. Discussion-Forum GST Mon, 01 Mar 2021 18:42:12 +0530 https://www.taxtmi.com/forum/issue?id=117050