[amp_mcq option1=”One year” option2=”Three Years” option3=”Six months” option4=”Five years” correct=”option1″]<\/p>\n
The correct answer is: A. One year<\/strong><\/p>\n The time limit beyond which if goods are not returned, the capital goods sent for job work shall be treated as supply is one year. This is according to the provisions of Section 12(4) of the Goods and Services Tax (GST) Act, 2017.<\/p>\n Section 12(4) of the GST Act states that “where any goods are sent for job work and are not returned to the principal within a period of one year from the date of sending such goods, the principal shall be liable to pay tax on the value of such goods as if such goods had been supplied by him to the job worker.”<\/p>\n This provision is aimed at preventing tax evasion by businesses. If businesses are allowed to send goods for job work and not return them for an indefinite period of time, they could use this as a way to avoid paying tax on the value of those goods.<\/p>\n The one-year time limit is a reasonable period of time for businesses to return goods that have been sent for job work. If businesses are unable to return goods within this time limit, they should be liable to pay tax on the value of those goods.<\/p>\n The other options are incorrect. Option B, three years, is the time limit for claiming input tax credit on capital goods. Option C, six months, is the time limit for filing a refund claim for unutilized input tax credit. Option D, five years, is the time limit for filing a return under the GST Act.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”One year” option2=”Three Years” option3=”Six months” option4=”Five years” correct=”option1″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[969],"tags":[],"class_list":["post-46529","post","type-post","status-publish","format-standard","hentry","category-gst","no-featured-image-padding"],"yoast_head":"\n