What is the gst provision on sale of capital asst on which
(I) ITC is calimed
(ii) ITC not claimed
is any scheme available. if so please give me the notification number
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GST on sale of capital asset
Replies (6)
Quick Summary
If itc not claimed gst to paid on sale of capital asset as normal outward supply.
where itc claimed you proportionately calculate remaining itc of remaining life take life of asset as 60 months. You also calculate output tax on capital asset through rate and value. the higher of remaining itc and the output tax has to be paid .
For further clarification you can mail me.
where itc claimed you proportionately calculate remaining itc of remaining life take life of asset as 60 months. You also calculate output tax on capital asset through rate and value. the higher of remaining itc and the output tax has to be paid .
For further clarification you can mail me.
I think where itc is not claimed, it is not a supply.
where itc is claimed, it is treated as supply.
where itc is claimed, it is treated as supply.
Outward supply does not depend on whether itc taken on purchase.
Supply depends on section 9 along with schedules
@ veerendar singh, the concept mentioned by you is wrt supply without consideration
Thank you mujeeb for correcting me
Thank you for your replies
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