GST on fixed asset

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 29 February 2020

Are You taken ITC in the asset...?

Divya . n

7 Points Posted on 29 February 2020

Ya we have taken cst

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 29 February 2020

How is possible taken ITC of the CST...??

CST is not eligible to take as ITC.Am I right...?!

Divya . n

7 Points Posted on 29 February 2020

I mean the cst was paid at the time of purchase

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 29 February 2020

Ohhh okay okay...

Now Your question :

If the sale value less than the WDV then GST not applicable...

Divya . n

7 Points Posted on 29 February 2020

If it's more than gst will be applicable?

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 29 February 2020

Yes... If it's more than the book (WDV) value then GST applicable on margin value...

srikumar

audit staff

1203 Points Posted on 01 March 2020

Sir, margin value means

Pankaj Rawat

GST Practitioner

55067 Points Posted on 01 March 2020

The Asset purchase in pre GST Regime & sold in GST Regime , the GST on Margin (Sale-purchase) is applicable only of it is Vehicle (Refer Notification 8/2018 CT(r))

So other then Vehicle the GST is applicable on Transaction Value.(refer schedule II(4))