https://www.taxtmi.com/manuals?id=2530 Supply of capital goods on which ITC was claimed requires payment of the higher of: the pro rata ITC attributable to remaining useful life (useful life taken as five years) or tax on transaction value under section 15. Reversals are computed separately for central, state/UT and integrated tax; scrap supplies of certain items may be taxed on transaction value. Where the determined amount exceeds tax on transaction value it forms part of output tax liability and must be reported in FORM GSTR-1, with ITC-03 and GSTR-10 used for specified events under Rule 44(4) and Rule 44(6). en-us Fri, 24 Mar 2023 15:56:00 +0530 Mon, 22 Jul 2024 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=2530 Supply of capital goods on which ITC was claimed requires payment of the higher of: the pro rata ITC attributable to remaining useful life (useful life taken as five years) or tax on transaction value under section 15. Reversals are computed separately for central, state/UT and integrated tax; scrap supplies of certain items may be taxed on transaction value. Where the determined amount exceeds tax on transaction value it forms part of output tax liability and must be reported in FORM GSTR-1, with ITC-03 and GSTR-10 used for specified events under Rule 44(4) and Rule 44(6). Manuals GST Fri, 24 Mar 2023 15:56:00 +0530 https://www.taxtmi.com/manuals?id=2530