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ITC on goods sold at lower rate than purchase rate
Dear Sir, A dealer has purchased goods. He rented this goods many times but now at the time of sale value of these goods are very lower. I.e. purchase @ 5000 and Selling @ 800 due to rented many times. now what to do. is ITC disallowed or allowed or what
Replies (5)
Itc allowed
ITC value can be reduced from the GST payable on the sales by the taxable person only after fulfilling some conditions. These conditions given under the GST law are more or less in line with the pre-GST regime, except for a few additional ones such as GSTR-2B. These rules are direct and maybe stringent in nature.
ITC is available as GST paid at the time of renting also .
ITC is allowed. No issues
Thanks to all of you sir...
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