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GST on sale of Depreciable Asset

Rules 789 views 4 replies

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

GST is applicable as per prescribes rates on each item as per HSN

Agree with prasad Nilugal


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