Question ID :
Sale of Old Asset or Asset under Sectiojn 17(5)
In case an Assessee sold his old asset, purchased under VAT regime for which no ITC has been claimed by the Assessee or Asset purchased under GST regime for which no ITC has been claimed as input is blocked input under sec 17(5) e.g. car.
Whether GST is applicable on sale of these asset?
if there is some way to avoid GST on these type of transaction then please enlighten me.
Answer ID :
Dec 28, 2018
for car. the tax payable will be on the margin. if the sale value is more than the written down value , than only on the excess amount gst needs to be paid, if the sale price is less than the wdv, than the loss to be ignored for the purpose of gst
Rajesh Agarwal on
Jan 21, 2019