A person used to deal in supply of shoes and has ITC in credit ledger for same but now such person has started dealing in supply of medicine. Can such ITC ( on account of shoe) be utilised for set off of output of medicine?
Provision/ Section?
2 Replies
Dhiraj Kejriwal
(B.Com (H), CA)
(70 Points)
Replied 24 May 2020
Set off of ITC doesn’t depend on the nature of business. As long as the credit is not blocked u can set it off against output tax of medicine. Bt u r advised 2 follow the prescribed manner of set off.
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