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GST on fixed asset

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.

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9 Replies

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 29 February 2020

Are You taken ITC in the asset...?

Divya . n (7 Points)
Replied 29 February 2020

Ya we have taken cst

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 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)
Replied 29 February 2020

I mean the cst was paid at the time of purchase

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 29 February 2020

Ohhh okay okay...

Now Your question :

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

1 Like

Divya . n (7 Points)
Replied 29 February 2020

If it's more than gst will be applicable?

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 29 February 2020

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

1 Like

srikumar (audit staff) (1203 Points)
Replied 01 March 2020

Sir, margin value means

Pankaj Rawat (GST Practitioner) (55030 Points)
Replied 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))