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GST applicabity on sale of depreciable assets in business
Is GST is applicable on sale of depreciable assets in business?
Replies (4)
Quick Summary
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).
Is gst applicable on profit on sale of asset
Yes... GST applicable for sale of asset.
Gst is applicable on higher of transaction value or itc pertaining to remaining life of the asset.
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