Sale of Old Motor Lorry
This query is : Resolved
14 November 2021
Respected Experts,
We have purchased new lorry for Rs. 26.88 Lacs for transporting goods in Nov-2018 and taken & utilsed GST around 5.88 Lacs.
Now, we want to sale this lorry as per condition for Rs. 7.50 Lacs + 2.10 Lacs GST. Can we do this or we have to reversed whole claimed GST?
Also, is there any exemption for sale of old Lorry? Is 2.5% exemption per quarter is available for this, if no, for there we can use 2.5% per quarter exemption.
Kindly advise.
Rakesh Sharma
We have purchased new lorry for Rs. 26.88 Lacs for transporting goods in Nov-2018 and taken & utilsed GST around 5.88 Lacs.
Now, we want to sale this lorry as per condition for Rs. 7.50 Lacs + 2.10 Lacs GST. Can we do this or we have to reversed whole claimed GST?
Also, is there any exemption for sale of old Lorry? Is 2.5% exemption per quarter is available for this, if no, for there we can use 2.5% per quarter exemption.
Kindly advise.
Rakesh Sharma
14 November 2021
You will have to pay GST. GST to be paid will be greater of actual liability attracted or reversal of ITC as per formula.
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18 November 2021
Thanx for your valuable reply Sir. Sir, one more query, how do I calculate reversal of ITC as per formula. Kindly suggest me Sir.
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