alleryStart learning →ITC is blocked on goods that are
Asold at a trade discount
Bexported against a refund
Cstored in a warehouse
Dlost, stolen or written off
Answer & Solution
Correct answer: D. lost, stolen or written off
Section 17(5)(h) blocks credit on goods lost, stolen, destroyed, written off or disposed of by gift or free samples.
Keep practising GST Time, Value, Place of Supply and Input Tax Credit
Browse all GST Time, Value, Place of Supply and Input Tax Credit questions for CA Inter, or explore more Taxation topics.
Related questions
A firm buys a five-seater car for staff use (tax Rs 1,20,000) and bolted machinery (tax RsWhich service is within the list of blocked credits under section 17(5)(b)?ITC on blocked motor vehicles is allowed when used for imparting training onITC on motor vehicles for carrying persons is blocked if seating capacity is not more thanBanks and NBFCs may opt to avail what share of eligible ITC each month, the rest lapsing?Inputs used for taxable and exempt supplies: credit is limited to the part for taxable supWhere inputs are used partly for business and partly for other purposes, ITC is restrictedITC on the tax part of capital goods is denied if the person claims