https://www.taxtmi.com/forum/issue?id=118026 Rule 42 mandates annual final calculation of input tax credit and reversal of any excess for exempt supplies; where annual D1/D2 exceeds monthly reversals, the excess must be reversed by the September deadline (practical compliance deadlines extend) and interest runs from the first day of April of the succeeding year until payment. Interest and potential penalties for suppression may follow if excess is not paid in time; disclosure in monthly returns or delayed filing of annual returns alone does not automatically avoid interest or penalty. en-us Mon, 04 Jul 2022 22:29:22 +0530 Thu, 23 Jan 2025 15:54:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118026 Rule 42 mandates annual final calculation of input tax credit and reversal of any excess for exempt supplies; where annual D1/D2 exceeds monthly reversals, the excess must be reversed by the September deadline (practical compliance deadlines extend) and interest runs from the first day of April of the succeeding year until payment. Interest and potential penalties for suppression may follow if excess is not paid in time; disclosure in monthly returns or delayed filing of annual returns alone does not automatically avoid interest or penalty. Discussion-Forum GST Mon, 04 Jul 2022 22:29:22 +0530 https://www.taxtmi.com/forum/issue?id=118026