Ch 2 · GST — Input Tax Credit (Advanced)

🧮 Formula sheet

1. 1.ITC Reversal Rule 42 = Common ITC × (Exempt Turnover / Total Turnover)
2. 2.Rule 43 Capital Goods = ITC × (Tm − Tr) / Tm × Exempt/Total [over 60 months]
3. 3.Time bar: Sec 16(4) — 30 Nov of next FY or annual return, whichever earlier