Question

9. The input tax credit of GST is an asset for the entity. Is the statement correct? Give reasons.

Answer 1

have a great day..............

Answer 2

Answer:

Yes, it is correct.

Reason :

You are a manufacturer -

a. Tax payable on output (final product ) is Rs. 450 b. Tax paid on input (purchases) is Rs. 300

c. You can claim input credit of Rs. 300 and you only need to deposit Rs. 150 in taxes.

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