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Sale of fixed asset

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Querist : Anonymous

Querist : Anonymous (Querist)

24 February 2018 my company business is service provided by crane services , one old crane was sale some of amount also received gst amount ,then that amount received amount are gst tax paid or not ,if any provision is there tax liability adjustment actually crane was purchased 2012 ,sale of crane jan 2018,gst tax received in this amount is adjusted for any provision

Expert : Anonymous

Expert : Anonymous (Expert)

25 February 2018 Yes... If you have any ITC then you can adjust sale amount (tax) In your ITC

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

30 October 2026 Yes, GST is payable on the sale value at the rate applicable to the crane; Sec 18(6) asks for the higher of tax on transaction value or ITC taken less 5% per quarter, but for a crane bought in 2012 no GST credit was taken, so tax on the sale value applies, and it can be paid from the ITC balance.

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