capital goods bought in the pre GST regime on which no input were claimed were disposed off by the company
one without consideration and other with consideration
what would be the GST implications on sale.
10 Replies
Ahanak
(Article)
(281 Points)
Replied 29 May 2018
Even if no input was claimed at the time of purchase??
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 29 May 2018
Yes , it's taxable , even though no input has been claimed
Ahanak
(Article)
(281 Points)
Replied 29 May 2018
On what amount GST to calculated when it is disposed off without consideration
Ahanak
(Article)
(281 Points)
Replied 29 May 2018
On what amount GST to calculated when it is disposed off without consideration
Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 30 May 2018
When the asset is sold without consideration, the GST is to be calculated on the open market value. If open market value is not available then any value can be considered in absence of mechanism to determine the value.
Ahanak
(Article)
(281 Points)
Replied 30 May 2018
but as per schedule 1 when an asset is disposed off without consideration will be treated as supply only when input tax credit has been availed on such goods
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 30 May 2018
As per section 17(5) , cannot be write-off or disposed
Vinod Babu
(24191 Points)
Replied 30 May 2018
Mention the name of capital goods which you are selling.
Ahanak
(Article)
(281 Points)
Replied 30 May 2018
machinery which was used for production is being sold
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