Is Input tax to be paid in case of switch over from taxable to exempt supplies
A. Yes equivalent to the credit in respect of inputs held in stock (including semifinished and finished) and on capital goods held in stock
B. No
C. Yes full credit
D. No should be debited to electronic credit ledger
Answer: Option A
Solution(By Examveda Team)
In terms of Section 18(4) of the CGST Act, an amount equal to the credit of tax paid on stock held (inputs, semi-finished goods or finished goods) and capital goods (reduced by percentage points) on the day preceding the date of opting for composition/ effecting exempt supplies will have to be paid. The same can be paid by utilization of credit/ cash payments.Related User Ask Questions
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