alleryStart learning →On cancellation, a person pays the credit on stock or the output tax on it, whichever is:
AThe lower of two
BZero in all cases
CThe higher of two
DThe average of two
Answer & Solution
Correct answer: C. The higher of two
Section 29(5) requires payment of the input tax credit on stock and capital goods or the output tax, whichever is higher.
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