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?
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Set off of liability
Replies (2)
Quick Summary
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.
Yes you can...
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