Ramesh purchased a plant and machinery before commencement of business for ₹ 5 lakh on which GST payable was @ 12% being ₹ 60,000. He commenced business 2 months later. How much is eligible for input tax credit in respec
CS Executive · Tax Laws · PYQS · June 2023
Ramesh purchased a plant and machinery before commencement of business for ₹ 5 lakh on which GST payable was @ 12% being ₹ 60,000. He commenced business 2 months later. How much is eligible for input tax credit in respect of plant and machinery so acquired before commencement of business?
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A). Official source note: Correct Option is A; Tax Credit is not allowed on expenses made before commencement of business
Topics: GST
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