if we resale our fixed assets then we have to Prepare GST invoice or not and if yes then at which rate GST invoice will be made.
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Resale of asset
Replies (5)
on sale of fixed as Higher of two will be taxable
1. ITC availed on such capital goods as reduced by proportionate itc by taking life of asset as 60 months [Refer Section 18(6) read with Rule 44] or
2. Valuation as per Section 15
1. ITC availed on such capital goods as reduced by proportionate itc by taking life of asset as 60 months [Refer Section 18(6) read with Rule 44] or
2. Valuation as per Section 15
Yes agree with kunal
if your case falling in point 2 then you have to check the tariff act applicable to the capital asset and charge GST taking such rate in the invoice
@ Kunal & @ divakar ji , what about the asset purchase in vat/regime & sold in GST regime , because Rule 44, section 18(6) says only about the asset purchase in GST regime ????
Note : ASSET MEAN CAPITAL Asset ( not vehicle)
Note : ASSET MEAN CAPITAL Asset ( not vehicle)
If u availed Vat itc at that time on that capital asset then gst is leviable as value determined under section 15 with that asset rate.... U can refer transitional provision
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