https://www.taxtmi.com/forum/issue?id=117954 Input tax credit on capital goods claimed on acquisition must be proportionately reversed when the GST-prescribed useful life exceeds actual use or where the asset is disposed of within that statutory period. Retaining the asset for the full GST useful life prevents reversal. If disposal amounts to a supply (including deemed supply under Schedule I), the special reversal provision applies and the ineligible credit attributable to the unexpired statutory life is added to output tax. The tax can be discharged via periodic return (GSTR-3B) or deposit form (DRC-03) and reported in the annual return (GSTR-9). en-us Tue, 10 May 2022 14:51:38 +0530 Thu, 23 Jan 2025 15:54:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117954 Input tax credit on capital goods claimed on acquisition must be proportionately reversed when the GST-prescribed useful life exceeds actual use or where the asset is disposed of within that statutory period. Retaining the asset for the full GST useful life prevents reversal. If disposal amounts to a supply (including deemed supply under Schedule I), the special reversal provision applies and the ineligible credit attributable to the unexpired statutory life is added to output tax. The tax can be discharged via periodic return (GSTR-3B) or deposit form (DRC-03) and reported in the annual return (GSTR-9). Discussion-Forum GST Tue, 10 May 2022 14:51:38 +0530 https://www.taxtmi.com/forum/issue?id=117954