DOES ITC AVAILED ON REFRACTORY BRICKS.MOULDS.FIES JIGS PICTURES TO BE REVERSED IN CASE OF SUPPLY OF SUCH GOODS
OR to tax on value under sec 15 ?
but when we supply such goods as SCRAP only then tax need to be pay in the value determined under section 15 ?
2 Replies
Divakar
(Student CA Final )
(11857 Points)
Replied 03 March 2018
Yes taxable person may pay tax on transaction value if refractory bricks, moulds, and dies are sold as scrap
Divakar
(Student CA Final )
(11857 Points)
Replied 03 March 2018
Itc reversal is higher of two (1) itc taken on the said capital goods reduced by such percentage of i. E 5% for one quarter or tax on transaction value of such capital goods as determined under section 15
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