Question ID : 36893

Treatment of Common Credit in case ITC

What is the provision regarding Reversal of Common credit of ITC under Rule 42 & 43 in case a supplier supplies both Taxable Supply and Exempted Supply ? Whether reversal to be done monthwise or annually because use of raw materials in on going process but ITC is claimed in the month goods are received ?

Reversal to done monthly or quarterly on the basis of frequency of return filed