All about Reverse Charge Mechanism (RCM) under GST
All about Reverse Charge Mechanism (RCM) under GST
2 months ago
cleartax.in
Rule 43 applies when capital goods are used for both taxable & exempt supplies or when their usage changes. 📆 Reverse ITC When: 1️⃣ Common Use → Reverse monthly for 60 months Formula: Monthly ITC = Total ITC ÷ 60 Reversal = (Exempt Turnover ÷ Total Turnover) × Monthly ITC 2️⃣ Usage Change → From taxable → exempt? Reverse ITC for remaining life. 3️⃣ Composition / GST Cancellation → Reverse proportionate ITC. . . . #good #capitalgoods #taxable #supplies #itc #incometax #tax #gst #gstupdates #busi
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