AB milk centre paid a tax of rs. 90 on purchase of raw materials. The centre should sold goods at rs.550. Assuming the gst rate is 0%. ITC claimed by the AB Centre is
A)90
B)0
C)550
D)460
Menu
Claiming of Itc
Replies (3)
0 is the answer.
“exempt supply” means supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from tax under section 11 of CGST Act orunder section 6 of the IGST Act, and includes non-taxable supply. Hence no ITC and the answer is zero
answer is 0
Recent Threads
- International Tax clarification UK.
- E way bill expired penalty
- Best SME Focused AIF Funds in India for High Growt
- How does employee management software help in stat
- Clarification Required – Section 18 of Wage
- How to split freelance project income with a frien
- 194a for A y 2024-25
- Compensation & Benefits
- SAC code and GST rate transport services for anima
- Section 44AB is Gone — How Different is Tax
Related Threads
CAclubindia
