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gst on capital goods

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Article
281 Points Posted on 29 May 2018
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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On 29 May 2018 at 23:01 Report
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24196 Points Posted on 29 May 2018
Capital goods sold will be taxable.
161 Reply
On 29 May 2018 at 23:27
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Article
281 Points Posted on 29 May 2018
Even if no input was claimed at the time of purchase??
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On 29 May 2018 at 23:30
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GST Practitioner
55067 Points Posted on 29 May 2018
Yes , it's taxable , even though no input has been claimed
301 Reply
On 29 May 2018 at 23:33
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Article
281 Points Posted on 29 May 2018
On what amount GST to calculated when it is disposed off without consideration
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On 29 May 2018 at 23:43
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Article
281 Points Posted on 29 May 2018
On what amount GST to calculated when it is disposed off without consideration
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On 29 May 2018 at 23:45
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Chartered Accountant
1489 Points Posted on 30 May 2018
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.
2 Reply
On 30 May 2018 at 01:00
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Article
281 Points Posted on 30 May 2018
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
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On 30 May 2018 at 10:27
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GST Practitioner
55067 Points Posted on 30 May 2018
As per section 17(5) , cannot be write-off or disposed
301 Reply
On 30 May 2018 at 10:45
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24196 Points Posted on 30 May 2018
Mention the name of capital goods which you are selling.
161 Reply
On 30 May 2018 at 11:02
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Article
281 Points Posted on 30 May 2018
machinery which was used for production is being sold
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On 30 May 2018 at 21:21


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