Mr C acquired a Capital Asset on 1st April 2017 and used for production of exempt supplies only. Now in November 2018 his supplied become Taxable and cost of asset was 250000 in GST 18% was charged on it. ITC is applicable 250000*18 % = 45000 .Now number of quarters of usage
have elapsed between April 2017 to November 18 and net ITC available would be?
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Exempt to taxable supplies itc
Replies (2)
Itc reduced by the 5% per quarter of usage from the date or invoice can be availed
I calculated as per quarter but not getting the answer
The answer is 15750 & 29250
The answer is 15750 & 29250
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