23 May 2023
Dear Experts, We are transferring a laptop having zero book value to an associate company for a consideration of 5,000. As per Sec 18(6) & Rule 44(6), GST payable is 1,503 as follows by higher of GST on sale (900) or ITC pertaining to remaining life (1503). Hence we need to pay 1503 on this sale. However, I have below doubts.
1. Will it require E-invoice for this sale, We are already issuing E-invoices for other transactions. 2. While raising an invoice for this sale, Which amount of GST has to report in Invoice 900 (18% on 5,000) or 1503? 3. Whether the recipient is eligible for claim ITC? I think yes but which amount 900 or 1503?
CAclubindia
