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GST on fixed asset


Divya . n   29 February 2020

Divya . n

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Hi

Can i know the gst impact for sale of fixed asset(travelator).

The asset is purchased pre Gst on 17-02-2010 and sold post gst.

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RAJA P M ("Do the Right Thing...!!!")     29 February 2020

RAJA P M
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Are You taken ITC in the asset...?

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Divya . n   29 February 2020

Divya . n

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Ya we have taken cst

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RAJA P M ("Do the Right Thing...!!!")     29 February 2020

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

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

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Divya . n   29 February 2020

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I mean the cst was paid at the time of purchase

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RAJA P M ("Do the Right Thing...!!!")     29 February 2020

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Ohhh okay okay...

Now Your question :

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

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Divya . n   29 February 2020

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If it's more than gst will be applicable?

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RAJA P M ("Do the Right Thing...!!!")     29 February 2020

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

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srikumar (audit staff)     01 March 2020

srikumar
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Sir, margin value means

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Pankaj Rawat (GST Practitioner)     01 March 2020

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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))


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