Vineet acquired a machinery for ₹ 5 lakh on 1st July, 2021 and used it for manufacture of goods being exempt supply. GST paid on machinery was @ 18%. The goods so manufactured became taxable from 1st January, 2023. How m
CS Executive · Tax Laws · PYQS · June 2023
Vineet acquired a machinery for ₹ 5 lakh on 1st July, 2021 and used it for manufacture of goods being exempt supply. GST paid on machinery was @ 18%. The goods so manufactured became taxable from 1st January, 2023. How much could be claimed as ITC by Vineet in respect of machinery when used for manufacture of taxable goods?
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: GST
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