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GST applicabity on sale of depreciable assets in business

Ajnas (Student) (844 Points)

21 June 2020

Is GST is applicable on sale of depreciable assets in business?

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Surjeet Negi (947 Points)
Replied 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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Ajnas (Student) (844 Points)
Replied 21 June 2020

Is gst applicable on profit on sale of asset

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RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 21 June 2020

Yes... GST applicable for sale of asset.

Surjeet Negi (947 Points)
Replied 21 June 2020

Gst is applicable on higher of transaction value or itc pertaining to remaining life of the asset.

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