Go AD-FREE with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

GST on sale of Depreciable Asset

Rules 672 views 4 replies

md.sarfaraz alam

13 Points Joined May 2018

Fixed Asset Purchase for Business Purpose but not Claimed Input Tax Credit as we are in Hotel Industry with '5% GST on Sale with No ITC'. Now are selling the Fixed Asset because of Closure of Business. Can we Charge GST On the Sale of Used Fixed Asset?
Fixed Asset Include: Computer, Machinery, Furniture & Motor Car

Please Suggest

Replies (4)

prasad Nilugal

GST Practitioner & Accounts

15022 Points Joined March 2014

GST applicable on sale of old fixed assets as per the prescribed rate at present . only in case of Motor car you have to apply notification 8/2018 CT ( rate) date 25/1/2018 for calculation of GST .

sabyasachi mukherjee

28026 Points Joined May 2017

This notification clearly says that a taxable person (dealer)cannot avail such rate if there is any input tax credit availed earlier.

prasad Nilugal

GST Practitioner & Accounts

15022 Points Joined March 2014

@ Sabyasachi Mukherjee

Above mentioned notification 8/2018 CT is applicable only in case of sale of Motar Car .
On other assets GST will be applicable as per prescribed rate