alleryStart learning →Invoice Rs 1,00,000 plus 18% GST unpaid beyond 180 days. ITC added back, ignoring interest?
ARs 1,18,000
BRs 9,000
CRs 18,000
DRs 1,00,000
Answer & Solution
Correct answer: C. Rs 18,000
The amount equal to the credit availed, which is 18 per cent of 1,00,000 or Rs 18,000, is added to output tax liability.
Keep practising Input Tax Credit
Browse all Input Tax Credit questions for CA Final, or explore more Indirecttaxlaws topics.
Related questions
An Input Service Distributor is best described as what?Which return must be filed before claiming ITC under Section 16(2)(d)?ITC on a supply requires that the tax charged has been actually what?A bank has eligible ITC of Rs 80,000 in a month and picks the 50 per cent option. What creCommon input ITC Rs 90,000; two-thirds relates to taxable supplies, rest exempt. Credit alInputs carry total ITC of Rs 60,000, and 25 per cent of their use is for non-business purpInter-State sale Rs 5,00,000, inputs Rs 3,00,000, IGST 12% on both. Net IGST?Sales of Rs 2,00,000, inputs of Rs 1,00,000, intra-State at 18% GST. Net GST payable?