Input tax credit reversal required when capital goods are supplied; pay adjusted ITC or tax on transaction value, whichever is higher. When a registered taxable person supplies capital goods or plant and machinery on which input tax credit has been taken, the supplier must pay the greater ... Summary
Input tax credit reversal required when capital goods are supplied; pay adjusted ITC or tax on transaction value, whichever is higher.
When a registered taxable person supplies capital goods or plant and machinery on which input tax credit has been taken, the supplier must pay the greater of the input tax credit taken reduced by specified percentage points or the tax on the transaction value of such capital goods.
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