GST applicabity on sale of depreciable assets in business
Ajnas (Student) (844 Points)
21 June 2020
Is GST is applicable on sale of depreciable assets in business?
4 Replies
Surjeet Negi
(947 Points)
Replied 21 June 2020
In case of sale of captial asset, the reversal of itc claimed on such assets is attracted as per the provisions of section 18(6) read with rule 40(2) & 44(6).
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 21 June 2020
Yes... GST applicable for sale of asset.
Surjeet Negi
(947 Points)
Replied 21 June 2020
Gst is applicable on higher of transaction value or itc pertaining to remaining life of the asset.
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