Reverse credit of input tax of VAT would arise when— (A) VAT is refunded (B) Input VAT is adjusted against output VAT (C) Input tax credit is reduced to rectify wrong credit availed (D) None of the above.
CS Executive · Tax Laws and Practice · PYQS · June 2016
Reverse credit of input tax of VAT would arise when— (A) VAT is refunded (B) Input VAT is adjusted against output VAT (C) Input tax credit is reduced to rectify wrong credit availed (D) None of the above.
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: VAT
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