capital goods bought in the pre GST regime on which no input were claimed were disposed off by the company
one without consideration and other with consideration
what would be the GST implications on sale.
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gst on capital goods
Replies (10)
Capital goods sold will be taxable.
Even if no input was claimed at the time of purchase??
Yes , it's taxable , even though no input has been claimed
On what amount GST to calculated when it is disposed off without consideration
On what amount GST to calculated when it is disposed off without consideration
When the asset is sold without consideration, the GST is to be calculated on the open market value. If open market value is not available then any value can be considered in absence of mechanism to determine the value.
but as per schedule 1 when an asset is disposed off without consideration will be treated as supply only when input tax credit has been availed on such goods
As per section 17(5) , cannot be write-off or disposed
Mention the name of capital goods which you are selling.
machinery which was used for production is being sold
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