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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
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