Sold vehicle itc

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GSTP
289 Points Posted on 06 March 2021

purchased goods vehicle for business ,and claimed ITC

and after 1 year  vehicle sold, then can i reverse entire ITC claimed??

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On 06 March 2021 at 11:02 Report
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Quick Summary
If you've sold a goods vehicle used for your business after claiming Input Tax Credit (ITC), you'll need to reverse that ITC. The reversal should be proportionate to the remaining useful life of the asset. The discussion explores whether this reversal should be done via DRC-03 or GSTR1, with a focus on the correct method for accounting for the vehicle's sale.

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Consultant
1891 Points Posted on 06 March 2021

Yes you should reverse the ITC. ITC pertaining to remaining useful life of the asset should be reversed. 

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On 06 March 2021 at 11:52
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GSTP
289 Points Posted on 08 March 2021

CAN I REVERSE it through DRC-03

OR  GSTR1 ( Actual sale entry of  vehicle)

wich one is correct??

 

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On 08 March 2021 at 16:05

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