Note : Where the registered person does not have any turnover during
the said tax period, then such value shall be calculated using the value
of last tax period for which turnover are available.
B. In respect of input tax credit attributable towards non-business purposes
= 5% of Common Credit
C. Total Amount of Reversal
Step No. 3 : Total Eligible Input Credit
Input Credit Transfer to e-credit ledger under Step No.1 minus (-) amount of ITC reversal required under Step No.2
1. The total amount eligible for input credit shall be computed separately for input tax credit of Central tax, State tax, Union territory tax and integrated Tax.
2. The input tax credit determined under above sub-rule shall be calculated finally for the financial year before the due date for fffing the return for the month of September following the end of the financial year to which such credit relates, in the manner prescribed in the said sub-rule.
3. If final amount of Input Credit Reversal> Provisional amount of Input Credit Reversal, then such excess shall be added to the output tax liability of the registered person for a month not later than the month of September following the end of the financial year to which such credit relates and the said person shall be liable to pay interest on the said excess amount at the rate specified in sub-section (1) of section 50 for the period starting from first day of April of the succeeding financial year till the date of payment; or
4. If final amount of Input Credit Reversal <Provisional amount of Input Credit Reversal, such excess amount shall be claimed as credit by the registered person in his return for a month not later than the month of September following the end of the financial year to which such credit relates.