29 November 2019
I purchased a machinery as on 10.04.2018 of Rs 536000 IGST 96480 Total Rs 632480. Now I sell Such as on 11.11.2019 For RS 84000 only Cgst : 7560 sgst : 7560 Total 99120. I create a sell as same as i make for goods sold. where to show such sall in GST all returns and is ITC is required to be return than how much. How I return the credit. Is there any other formalities.
29 November 2019
Yes , proportionate ITC required to be reversed Calculation will be as follows Expected useful life - 60 months , Actual use ( April 2018 -Nov 2019 )= 20 months , Balance life of Asset - 40 months
To be reversed = ITC availed *Balance life / Total life = 96480*40/60 = 64320 or Actual tax Paid , ( 15120) whichever is higher You need to be reversed 64320/- and that will be added to your outward tax liability and accordingly will be reflected in your GSTR Returns
CAclubindia
