https://www.taxtmi.com/forum/issue?id=117955 Rule 42 requires monthly computation of input tax credit allocation for taxable and exempt supplies, using the exempt-to-total turnover ratio; if turnover is zero or information is unavailable for a period, the ratio from the last period with available turnover must be used. The monthly allocations are subject to a final annual reconciliation before the due date for the return for the month of September following the financial year-end, with excesses to be reversed or reclaimed through the prescribed returns or payment form. en-us Tue, 10 May 2022 18:40:51 +0530 Thu, 23 Jan 2025 15:54:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117955 Rule 42 requires monthly computation of input tax credit allocation for taxable and exempt supplies, using the exempt-to-total turnover ratio; if turnover is zero or information is unavailable for a period, the ratio from the last period with available turnover must be used. The monthly allocations are subject to a final annual reconciliation before the due date for the return for the month of September following the financial year-end, with excesses to be reversed or reclaimed through the prescribed returns or payment form. Discussion-Forum GST Tue, 10 May 2022 18:40:51 +0530 https://www.taxtmi.com/forum/issue?id=117955