Eligibility of credit on capital goods in case of change of scheme from Composition scheme to Regular scheme

Related MCQs

• An assessee obtains new registration, voluntary registration, change of scheme from composition to regular scheme and from exempted goods/ services to taxable goods/services. It can avail credit on inputs lying in stock. What is the time limit for taking said credit?
• Section 2(62) of the CGST Act, 2017 specifies input tax in relation to a registered person to mean Central Tax, State Tax, Integrated Tax or Union Territory Tax charged on any supply of goods or services or both and also include: (i) Integrated goods and services, tax charged on import of goods (ii) Tax under the provisions of section 9(3) and 9(4) (iii) Tax paid under composition levy (iv)Tax under Union Territory Goods and Services Tax Act
• Mr. Richard, a trader in Delhi has opted for composition scheme of taxation under GST. Determine the rate of total GST payable by him under composition scheme:
• ABC Ltd is manufacturer of goods opting for Composition Scheme has effected turnover of ` 60 Lakhs during the financial year 2019-20. The CGST portion for composition tax payable by ABC Ltd is
• The supply of goods to SEZ unit is treated as in the hands of the supplier for eligibility of ITC.
• Whether credit can be availed without actual receipt of goods where goods are transferred through transfer of document of title before or during the movement of goods?
• Whether credit on capital goods can be taken immediately on receipt of the goods?
• Can a registered person under composition scheme claim input tax credit?
• Credit on Input services or capital goods held in stock can be availed in case of new Registration/ Voluntary Registration
• There was increase in tax rate from 20% to 24% w.e.f. 1.9.2019. Which of the following rate is applicable if the supplier has opted for composition levy and invoice was issued after change in rate of tax in September, 2019 but payment received, and goods supplied in August, 2019 :