Sale of Fixed Asset

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Student
33 Points Posted on 03 January 2021
Whether sale of fixed asset is taxable under GST?
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On 03 January 2021 at 15:01 Report
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Quick Summary
The sale of a fixed asset is generally considered a taxable supply under GST, provided the seller is registered for GST and has claimed input tax credit on the asset. This applies regardless of whether the asset is sold at a profit or a loss. If input tax credit was not claimed, it may not be subject to GST.

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Chartered Accountant
24588 Points Posted on 03 January 2021
Yes gst is applicable
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On 03 January 2021 at 15:07
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STUDENT
1631 Points Posted on 03 January 2021
If your registered under GST & the input is taken , its treated as supply & GST Attracts!
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On 03 January 2021 at 17:09
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Student
33 Points Posted on 03 January 2021
Thank you sir
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On 03 January 2021 at 17:14
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Profession
28261 Points Posted on 03 January 2021
Yes, provided the dealer is a registered taxable dealer.
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On 03 January 2021 at 19:37
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132 Points Posted on 03 January 2021
If sale of fixed assets sale for loss no gst is applicable
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On 03 January 2021 at 19:50
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GST Practitioner
55067 Points Posted on 03 January 2021
Yes in term of Section 7 of CGST it's an supply & GST is applicable.
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On 03 January 2021 at 21:20
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Profession
28261 Points Posted on 03 January 2021
Gst is applicable
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On 03 January 2021 at 21:43
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Finance/Compliance Consultant
69291 Points Posted on 04 January 2021

Yes. GST is applicable on sales of assets whether on loss or profits.

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On 04 January 2021 at 10:06

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