When a person under regular scheme changes to composition scheme, the ITC in respect of inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods (subject to deduction) is reversed. After reversing the ITC so calculated, the balance in the credit of Electronic Credit ledger will ………
A. Be refunded
B. Be adjusted for other business vertical
C. Be lapsed
D. None of the above
Answer:C
When a person under regular scheme changes to composition scheme, the ITC in respect of inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods (subject to deduction) is reversed. After reversing the ITC so calculated, the balance in the credit of Electronic Credit ledger will ………
A. Be refunded B. Be adjusted for other business vertical C. Be lapsed D. None of the above