Suppose, One Dealer paying tax under Normal Scheme switch over in to C – McqOptions

MCQOPTIONS

1.	Suppose, One Dealer paying tax under Normal Scheme switch over in to Composition Scheme. What will be the fate of his already ITC availed existing stock and Credit balance on Electronic ITC Ledger?
A.	Reversal of ITC on Existing Stock by Debiting the Electronic ITC Ledger and Electronic Cash Ledger
B.	The balance ITC Ledger after Reversal of ITC on Stock will be lapsed
C.	Both (A) and (B) above
D.	No Reversal of ITC
Answer» D. No Reversal of ITC

Discussion

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