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?
Menu
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...
Recent Topics :
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
- Omitted E-Commerce Sales Reported in Table 14 but
- Omitted sales shown in GSTR-1 Table 14 but not in
- EWAY BILL TAKE OUT OF OTHER COMPAMY
Related Topics :
CAclubindia
