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 ?
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18(6) query
Replies (2)
Yes taxable person may pay tax on transaction value if refractory bricks, moulds, and dies are sold as scrap
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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