Mohan is registered under normal scheme in GST. He wants to shift from normal scheme to composition scheme. At the time of exercise of such option, the machine has already been used for 4 years, 8 months and 2 days. The ITC taken at the time of purchase of machine was ₹ 2,10,000. How much ITC needs to be reversed in respect of this machine (capital goods)?
A. ₹ 2,10,000
B. ₹ 1,05,000
C. ₹ 21,000
D. ₹ 10,500
Answer:D
Mohan is registered under normal scheme in GST. He wants to shift from normal scheme to composition scheme. At the time of exercise of such option, the machine has already been used for 4 years, 8 months and 2 days. The ITC taken at the time of purchase of machine was ₹ 2,10,000. How much ITC needs to be reversed in respect of this machine (capital goods)?
A. ₹ 2,10,000 B. ₹ 1,05,000 C. ₹ 21,000 D. ₹ 10,500