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xlsx

GST Tax Payable OR ITC Reversal On Sale of Fixed Assets/CG

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Hi Friends, Whenever there is sale transaction of Fixed Assets/Capital Goods - GST Payable or ITC Reversal Whatever is Higher will Apply. Under CGST Act 2017 Section 18(6) & CGST Rule 2017 Rule 40(2) Whenever there is sale transaction of Fixed Assets/Capital Goods following HIGHER consideration of Tax Payable will be apply: 1. Actual GST Tax Payable on Sale of FA/CG (with Applicable GST Rates) 2. Identify FA/CG quarter wise usage, reduce 5% ITC quarter wise & than identify remaining amount of ITC 3. FA/CG cannot be sale before 5 years & if sale transaction happens than the said formula will apply Hence, I hereby attaching the example of FA/CG ITC Reversal or GST Payable whichever is Higher as excel calculator for your routine tax workings Hope it helps you Kindly leave your feedback The Author can be reached - Nilesh H Gajjar - Tax Practitioner nilesh.h.gajjar@gmail.com #xlsx
Nilesh Gajjar (Tax Pract.)

on 28 May 2022

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