Menu
Capital goods
How much amount of tax is to be reversed for a capital good (machinery) amounting 10 lacs which is purchased on August 2017 by claiming gst when we are dissloving business on January 2019?
Replies (2)
65% of original itc Or gst on sale of such assets whether is higher need to ve reverse
Reversal of ITC as per Rule 44 : Capital Asset disposal :
Formula is : ITC x months remaining /60
As your machinery purchase cost is 10 lac & 18% GST on same be RS .1.80lac which you have claimed
1.80 X 43/60 =1.29lac
Hence have to deposit 1.29 lacs
Formula is : ITC x months remaining /60
As your machinery purchase cost is 10 lac & 18% GST on same be RS .1.80lac which you have claimed
1.80 X 43/60 =1.29lac
Hence have to deposit 1.29 lacs
Recent Threads
- Itr 4 return filing question
- Whether GST applicable on Hardship Compensation pa
- ITC cannot be denied to Bona Fide Buyers for Suppl
- Unused ITC for Hotel after GST Change
- CA FINAL SPOM
- 44ad presumption of tax
- Friendly loan to blood relative?
- Tds penalty for in operative pans
- TDS on Property- 26QB filing Doubt
- HSN code for Exempted supplies
Related Threads
CAclubindia
