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Sale of fixed asset-gst
I purchased a laptop amting 1lakh and have not taken itc for this.. entire amount capitalised. now at the time of sale of this asset, I collected gst and paid my gst liability.. Should I need to do any thing further as per rules?
Replies (1)
Summary: You simply need to charge GST on the actual sale price of the asset. You do not need to follow the special ITC reversal rules under Section 18(6) because no ITC was claimed on the initial purchase.
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