ITC eligibility on Capital Goods if sale
Subodh KS 22 February 2020
If machines purchase in Aug 2017 and no used, even ITC availed full....after 2 years would like to sale on depression amount.. whether any reversal will apply to reverse the ITC as 60 months periods?
Pankaj Goswami (CA-FINAL) 22 February 2020
On sale of old machinery for a consideration GST always apply irrespective of ITC availed or not, no ITC reversal required rather for forwarde charge will apply on margin on sale of machinery over and above wdv as on date.
RAJA P M ("Do the Right Thing...!!!") 22 February 2020
GST applicable for the sale of Capital Goods...
Also GST will be chargeable on the sale value, not only on margin...
RAJA P M ("Do the Right Thing...!!!") 22 February 2020
Marginal scheme not applicable for the said query. You can sale any of the value. Charge GST on the Sale value...
Pankaj Goswami (CA-FINAL) 22 February 2020
My mistake, Mr. Raja is correct gst is applicable on full sale consideration of old machinery.
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