09 February 2018
Rakhi - your question is not very clear. You need to charge GST at the time of sale of fixed assets at appropriate rate. You then need to deposit the GST collected to the government.
In the books of Account you need to do the following treatment: Bank A/c Dr To FA To GST Payable To Profit / (Loss) on Sale
For Income Tax purpose, you need to reduce the sale value excluding GST from the FA block.
07 April 2018
My question was .. how to show it in GST returns ... On sale we charged @ 18% under scrap sale of assets and reversed that from sales value... Then how to show it in return as taxable amount from sale of asset is it to show seperately in anywhere in return or it is to be included in Gross amount of sales???
CAclubindia
