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Sale of Old Motor Lorry

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(Querist)
14 November 2021 Respected Experts,

We have purchased new lorry for Rs. 26.88 Lacs for transporting goods in Nov-2018 and taken & utilsed GST around 5.88 Lacs.

Now, we want to sale this lorry as per condition for Rs. 7.50 Lacs + 2.10 Lacs GST. Can we do this or we have to reversed whole claimed GST?

Also, is there any exemption for sale of old Lorry? Is 2.5% exemption per quarter is available for this, if no, for there we can use 2.5% per quarter exemption.

Kindly advise.

Rakesh Sharma
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CA Altamush Zafar

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CA Altamush Zafar (Expert)
14 November 2021 You will have to pay GST. GST to be paid will be greater of actual liability attracted or reversal of ITC as per formula.
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Rakesh Sharma

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Rakesh Sharma (Querist)
18 November 2021 Thanx for your valuable reply Sir. Sir, one more query, how do I calculate reversal of ITC as per formula. Kindly suggest me Sir.
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