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ITC eligibility on Capital Goods if sale


Subodh KS   22 February 2020

Subodh KS

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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?

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Pankaj Goswami (CA-FINAL)     22 February 2020

Pankaj Goswami
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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.

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RAJA P M ("Do the Right Thing...!!!")     22 February 2020

RAJA P M
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GST applicable for the sale of Capital Goods...
Also GST will be chargeable on the sale value, not only on margin...

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Subodh KS   22 February 2020

Subodh KS

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What about margin money if added at the time of sale?

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RAJA P M ("Do the Right Thing...!!!")     22 February 2020

RAJA P M
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Marginal scheme not applicable for the said query. You can sale any of the value. Charge GST on the Sale value...

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Pankaj Goswami (CA-FINAL)     22 February 2020

Pankaj Goswami
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My mistake, Mr. Raja is correct gst is applicable on full sale consideration of old machinery.


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