GST applicabity on sale of depreciable assets in business

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Student
844 Points Posted on 21 June 2020
Is GST is applicable on sale of depreciable assets in business?
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On 21 June 2020 at 21:24 Report
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This discussion clarifies the applicability of GST on the sale of depreciable assets within a business. It confirms that GST is indeed applicable when selling such assets. Furthermore, it highlights that when a capital asset is sold, there's a requirement to reverse the Input Tax Credit (ITC) previously claimed on that asset, as per specific GST provisions.

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947 Points Posted on 21 June 2020
In case of sale of captial asset, the reversal of itc claimed on such assets is attracted as per the provisions of section 18(6) read with rule 40(2) & 44(6).
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On 21 June 2020 at 21:43
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Student
844 Points Posted on 21 June 2020
Is gst applicable on profit on sale of asset
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On 21 June 2020 at 21:46
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"Do the Right Thing...!!!"
128157 Points Posted on 21 June 2020
Yes... GST applicable for sale of asset.
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On 21 June 2020 at 22:06
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947 Points Posted on 21 June 2020
Gst is applicable on higher of transaction value or itc pertaining to remaining life of the asset.
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On 21 June 2020 at 22:07

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