GST on fixed asset

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Divya . n 29 February 2020

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.

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

Are You taken ITC in the asset...?

Divya . n 29 February 2020

Ya we have taken cst

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

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

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

Divya . n 29 February 2020

I mean the cst was paid at the time of purchase

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

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

If it's more than gst will be applicable?

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

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

Sir, margin value means

Pankaj Rawat (GST Practitioner) 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))