We purchase Fixed Assert (commercial Vehicle) on December 2017. we take ITC on purchase of fixed assets. now we are planning to sell this fixed assets in March 2019. now question is when we sell the fixed assets we charge GST. and 2nd question is should We revised ITC which is took at a time of purchase fixed assets.
pl explain with example the fixed assets sell along with ITC revised
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fixed assets
Replies (3)
While selling fixed asset you need to charge GST.
ITC availed earlier need not be reversed in this case
isnt it capital goods..so itc has to be reversed in the following manner:
a)tax on transaction ie sale value determined u/s 15 or
b)itc taken on such goods (-) 5% per quarter or part therof from whc credit is availed
whichever is higher
a)tax on transaction ie sale value determined u/s 15 or
b)itc taken on such goods (-) 5% per quarter or part therof from whc credit is availed
whichever is higher
pl explain details Pankaj ji....
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