Welcome to your Ch 30: Examine the following statements- (6 to 10)
6. Examine the following statement-
(i) Distribution of credit by ISD is always on the basis on turnover.
(ii) ISD cannot distribute credit more than credit available.
7. Examine the following statement-
(i) Distribution of credit by ISD is always on the basis on turnover
(ii) ISD cannot distribute credit more than credit available.
8. Examine the following statement-
(i) Where input services is attributable to only one recipient then credit shall be distributed to that recipient without on the basis of turnover.
(ii) Where input services is attributable to more than one recipient then distribution shall be pro rata on the basis of turnover in a State / UT.
9. Turnover in a State / UT for the purposes of distribution of credit-
(i) includes value of taxable supply and exempt supply, zero rated supply.
(ii) excludes GST, excise duty, value added tax and central sales tax but it shall include custom duty.
10. Examine the following statement-
(i) The registered person has three factories being operational for last 10 years. ISD shall take turnover in a State / UT of preceding the year during which credit is to be distributed.
(ii) The registered person has three factories being operational for last 10 years. It has opened a 4th factory in current year. ISD shall take turnover in a State / UT of preceding quarter, previous to the month during which credit is to be distributed.
