Q 196. What would be input tax eligibility in case where the goods and/or services supplied by a registered taxable person become absolutely exempt?

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Ans. As per section 16(12) of the MGL, the registered taxable  person  who  supplies  goods  and  /  or  services which become absolutely exempt, has to pay an amount equivalent to the input tax credit in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the day…

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