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Gst on sale of fixed assets in restaurant business
My client has closed his restaurant business since Nov 18 and has sold off all the fixed assets at a bulk value.. Is he liable to pay gst?? Can he claim itc from balance outstanding of July 17 to Oct 17 credit balance?? He also wants to surrender his gst number what procedure has to be followed??
Replies (2)
Any fixed asset purchase in Vat regime (Except Vehicle) GST is to charge at transaction value (sale value)
If capital goods purchase in GST period & No ITC being availed the as per schedule1 it will not consider as supply & no GST is applicable
If capital goods purchase in GST period & I TC being availed then it will be consider as supply & GST will be compute As per Rule 44
If capital goods purchase in GST period & No ITC being availed the as per schedule1 it will not consider as supply & no GST is applicable
If capital goods purchase in GST period & I TC being availed then it will be consider as supply & GST will be compute As per Rule 44
Thank you
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